FEC okays new AU import levies

The Federal Executive Council (FEC) meeting on Monday approved a new import levy for sustainable financing of Nigeria’s membership subscription in the African Union (AU).

This was disclosed by the Minister of Finance, Zainab Ahmed at the end of about seven hours FEC meeting.

According to her, FEC approved a rate of 0.2 percent as the new import levy on CIF that will be charged on imports coming into Nigeria from AU countries.

She explained that there are some exceptions on goods originating outside the territory of member countries.

Details shortly…