Review Import Duty On Vehicles, LCCI Urges FG

The Lagos Chamber of Commerce and Industry has urged the Federal Government to review import duty on vehicles in order to bring down the cost of transportation in the country.

review

The Lagos Chamber of Commerce and Industry (LCCI) has urged the Federal Government to review import duty on vehicles in order to bring down the cost of transportation in the country.

The LCCI Director General, Mr Muda Yusuf, made this known to the News Agency of Nigeria on Monday.

He said the current import duty on vehicles has worsened the cost of transportation in the country.G

Yusuf noted that is the need for the Federal Government to urgently review the automotive policy in 2017 because of its adverse effects on the economy.

Prices of new cars beyond reach of Nigerians

“The current 70 per cent import duty on new cars is prohibitive and has put the price of new cars beyond the reach of most Nigerians and corporate organisations.

“Similarly, the present import duty of 35 per cent on trucks and buses has also negatively affected the cost of transportation in the economy.

“This is a period when importers are already grappling with sharp currency depreciation.’’

Yusuf  is confident that if the Federal Government could downward the import duty on Vehicles, it would enhance people’s standard of living and boost the economy.


Have a story to tell, or images to share on a breaking news story? Send them to Concise News via Whatsapp (0906 928 2577)


Join the Conversation


Related

Federal Government Realises N7trillion From TSA The Accountant General of the Federation (AGF), Ahmed Idris says the Federal Government has recorded over N7 trillion in the Treasury Single Account (TSA) towards the end of March 2017.
FG Releases N54bn To Pay Retirees Pension Backlog The Federal Government has released N54 billion to clear part of the backlog of accrued pension rights of retirees for the years 2014, 2015 and 2016.
Increment In Bridging Allowance Won’t Affect PMS Price – NNPC The NNPC has explained that the federal government's recent decision to increase the bridging allowance from N6.20 to N7.20 won't affect PMS price.
Why Edo Teachers Are Yet To Be Paid — FG The Edo state arm of the federal government social investment scheme. N-Power, has given reasons for the delayed payment of employees.
Electricity Firms Tell FG To Fulfil Promised N100bn The electricity distribution firms have appealed to the Federal Government to provide the N100 billion subsidy it promised after private investors took over the power sector utilities on 1 Nov., 2013.