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In this interview with Channels TV, Nigeria’s Minister of Finance, Budget and National Planning, Zainab Ahmed, speaks on the reviewed Customs and Excise Tariff in the recently passed Finance Bill 2020.
She says the import duty reduction from 35 per cent to 10per cent, and zero per cent levies on tractors, transport vehicles and others, 50 per cent reduction of the minimum tax, is to ultimately reduce the rate of food inflation and not to hurt the local automotive industry.
The interview was transcribed by PREMIUM TIMES’ Ayodeji Adegboyega.
Read excerpts of the interview below.
Channels TV: Yesterday we heard the member of the House of Representatives who raised concerns about some provisions of the Finance Act, which he said lowers the tariffs for imported vehicles. He said that is going to adversely affect the automobile manufacturing concerns in this country. So could you shed some light on the reasons behind that decision?