FG Plans Review Of Import Tariffs

The Federal Government on Friday announced plans to review tariffs on imported items and prohibited goods.

The Minister of Finance, Mr Olusegun Aganga, said this after a closed-door meeting with members of the Nigerian Economic Summit Group (NESG) in Lagos.

He said that the review was imperative because of the country’s drive towards sustainable economic growth and to protect the economy.

“It does not make sense that so many items were prohibited while we consciously or unconsciously patronise or acquire those items at the detriment of the economy,” Aganga said.

The minister, who did not say when the review would start, promised that it would be carried out in such a way that the economy would not suffer.

Our correspondent recalled that the Federal Government issued the 2008-2012 Common External Tariff (CET) in 2008.

This was to harmonise local tariffs with those of other West African countries under the Economic Community of West African States Common External Tariff (CET).

The adoption of the CET was part of economic reforms aimed at improving Nigeria’s trade and investment environment and the harmonisation of economic policies in the sub-region.

Items currently on the prohibition list include live or dead birds like frozen poultry, pork, birds, cassava, refined vegetable oils and fats.

Also included are cocoa butter, powder and cakes, spaghetti, fruit juice in retail packs as well as waters, including mineral waters and aerated waters.

Others are bagged cement, some medicines, creams, ointments, soaps, detergents, mosquito repellant coils, sanitary wares, re-threaded and used pneumatic tyres, corrugated papers and paper boards, telephone re-charge cards and vouchers.