The Central Bank of Nigeria (CBN) released $547.7 million (N823.19 billion at the official exchange rate of N1,503.3/$1) to Nigerians for food importation in the second quarter of 2024. This amount marks a 20.6% decrease from the $689.88 million recorded in the first quarter, with a corresponding reduction of N80.76 billion when converted to naira. … Read more
President Bola Tinubu has authorized the implementation of a zero percent import duty and the exemption of value-added tax (VAT) on essential food items. This decision was confirmed in a letter from the Ministry of Finance to the Nigeria Customs Service (NCS). In the letter, Finance Minister Wale Edun explained that this measure aims to … Read more
Doyin Okupe commends Tinubu’s Executive Order removing import duties on drug raw materials and urges additional incentives to attract pharmaceutical companies to Nigeria. Former presidential aide Doyin Okupe has commended President Bola Tinubu for signing an Executive Order that exempts raw materials for drugs from import duty. Okupe stated that this policy would help lower … Read more
Eko Hot Blog reports that President Bola Ahmed Tinubu has ordered the suspension of the Import Tax Adjustment levy on specific vehicles. The announcement was made by Dele Alake, Special Adviser to the President, during a press conference with State House Correspondents. This decision is part of four Executive Orders signed by the President, aimed … Read more
The Federal Government (FG) says it has conceded about ₦1.024 trillion import duty waivers, concessions and grants to drive economic growth in the country in the past three years. Mrs Zainab Ahmed, the Minister of Finance, Budget and Planning made this known at a one-day sensitisation on Digitisation of Import Duty Exemptions Certificate (IDEC) … Read more