Federal Executive Council approves 0.2 Percent Import Levies

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The Federal Executive Council, FEC, on Monday approved a new import levy on Cost, Insurance, and Freight (CIF) that will be charged on imports coming into Nigeria.

Finance Minister, Zainab Ahmed, disclosed this while briefing State House Correspondents at the end of the weekly FEC meeting presided over by Vice president Yemi Osinbajo at the Council Chamber, Presidential Villa, Abuja.

Ahmed said FEC approved a rate of 0.2 per cent as the new import levy on imports coming into Nigeria from AU countries.

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