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FG slashes tariffs

Posted by By LUCKY NWANKWERE, Abuja on 2006/11/23 | Views: 587 |

FG slashes tariffs


The Federal Government on Wednesday reviewed the import regime on 30 items, substantially reducing tariff on a number of them and banning outright some, including poly propylene, popularly called Ghana Must Go (GMG).

The Federal Government on Wednesday reviewed the import regime on 30 items, substantially reducing tariff on a number of them and banning outright some, including poly propylene, popularly called Ghana Must Go (GMG).

The Federal Executive Council took that decision at its weekly meeting in Abuja, which was presided over by President Olusegun Obasanjo. Vice President Atiku Abubakar was, however, absent. He was in his official residence all day long conferring with his political associates and supporters and fine-tuning preparations towards his formal declaration for the 2007 presidential race this Saturday.

The Minister of Finance, Mrs. Nenadi Usman, who briefed State House correspondents on decisions of the council regarding the new tariff regime, said the move was in furtherance of government’s goal of developing the manufacturing sector and growing the economy.

She listed the items affected by the review as follows: Fish heads fit for human consumption (popularly called stock fish) which had its rate reduced from 20 per cent to 10 per cent; flavours had tariff reduced from 10 per cent to five per cent; diluted ethanol reduced from 20 per cent to five per cent and undiluted ethanol was reduced from 20 per cent to five per cent.
Also, according to the minister, fibre cement used in roofing and ceilings had its tariff reduced from 20 per cent to five per cent, while test kits for HIV/AIDS, malaria and pregnancy will henceforth be imported at zero rate.

Dry powder paints and specialised paints for furniture now have their duty reduced to 10 per from 20 per cent; substances used in making soaps have their duty reduced to five per cent from 10 percent; adhesives for glues also had its duty reduced to five per cent and chemicals for treatment of metals used by foundries also got a reduction in duty from 10 per cent to 5 per cent.
Resins now have a tariff increase of 10 per cent from five per cent; tyres used by buses and trucks will maintain the 10 per cent duty, which they have always had because the national production of 400,000 cannot meet the consumption of one million.

Tariff on paper materials for lamination of practical boards got reduced from 10 per cent to five per cent; cans now attract five per cent, while aluminium attracts 20 per cent because of availability.
The ban on baby products was lifted and their tariff is now 20 per cent; bicycle and motorcycle CKD parts will now be exempt from payment of VAT in order to reduce the prices of motorcycles and bicycles in the country.

Furniture parts that are not made in Nigeria have been unbanned and so also are baby diapers for a period of one year. Machete that are blunt would now be allowed and shall attract 10 per cent tariff, while sharpened ones are prohibited.
The council also approved the expansion of the installed capacity of electricity generation of the Omotosho Power Plant for $450 million.

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Comments (3)

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Okfold(Sobe, Edo, Nigeria)says...

I want the meaning of female owan name Ekeke (Edo state)

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Toluwalase Samuel Olufemi(Ijebu, Ogun, Nigeria)says...

Authority belongs to God, once He decrees it is final and binding

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Ikponmwosa Osamede(Edo, Nigeria)says...

Your meaning of Osamede is wrong. Osamede means God has given me a crown