Import

FG implements cooking gas imports tax, price jumps by 100%

LPG

The Federal Government has implemented a 7.5 per cent tax on imported Liquefied Petroleum Gas, popularly called cooking gas, as the cost of the commodity leap by over 100 per cent within a period of eight months. It was gathered on Sunday that the government implemented the VAT on LPG imports about three weeks ago and some dealers were also mandated to pay the tax for commodities imported several months ago. Operators told our correspondent that Nigeria imports about 70 per cent of the commodity, while the rest was mainly supplied by the Nigeria Liquefied Natural Gas company. It was also gathered that...

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Experts worry as rice imports increase by 200MT

rice

Agricultural experts have expressed concern over the increase in rice imports into the country despite interventions in the value chain by the Central Bank of Nigeria through its Anchor Borrowers Programme. Speaking at the ongoing 44th National Council on Agriculture and Rural Development in Abuja, industry experts observed that it was becoming tough to guarantee food security in Nigeria following widespread insecurity across the country. Delivering a presentation at the council, a professor of agricultural economics and policy as well as Chair, Infrastructure, Nigeria Zero Hunger Forum, Gbolagade Ayoola, said findings showed that Nigeria imported about 200MT of rice in 2020. He said...

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Customs propose ban on vehicles above seven years

Customs propose ban on vehicles above seven years

The House of Representatives’ Committee on Customs and Excise has proposed a revenue target of N1.56tn for the Nigeria Customs Service in 2021, up from the original N1.4tn proposition. The amount was set for the NCS in 2020 before the outbreak of the coronavirus pandemic that led to a downward review of the target to N1.3tn. The committee resolved to jerk up the figure at a budget defence session held with the Controller-General of the NCS, Col. Hameed Ali (retd.), in Abuja on Tuesday. Ali, however, decried that the African Continental Free Trade Area and the World Trade Organisation agreements entered into by...

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