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Nigeria Customs suggest 35% levy on imported vehicles reduction to check smuggling.

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The Comptroller-General of Customs, Col Hameed Ali (retd.) has called on the Federal Government to reduce the 35 per cent levy on imported vehicles so as to check the rising cases of smuggled vehicles into the country.

Ali said this on Wednesday in Abuja at the unveiling of a Strategic Revenue Growth Initiative which was held at the Ministry of Finance.

He said already the Nigeria Customs Service had made a proposal to the Ministry of Finance on the need for a reduction in the 35 per cent levy on imported vehicles.



Ali said currently, any new vehicle imported into the country attracted an import duty of 35 per cent and an additional levy of 35 per cent.

This, he noted, brought the total duty payable on such a vehicle to about 70 per cent.

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He described the 70 per cent being charged by the government as high, adding that time had come for it to be reduced.

In achieving this, he said, the government could still retain the 35 per cent import duty while the additional 35 per cent levy could be tinkered by bringing it downwards.

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He said, “First, we must understand the fact that smuggling in most cases did not really occur because of the tariff that is placed on goods in Nigeria.

“When we talk about vehicles, yes, new vehicles attract 70 per cent duty; that is 35 per cent duty and 35 per cent levy but most of the vehicles that are being smuggled through our borders are not new vehicles, they are used vehicles.

The Minister of Finance, Mrs Zainab Ahmed, who unveiled the Strategic Revenue Growth Initiative, said that the government was concerned about the inability of some of its agencies to meet their revenue target.

She admitted that it had become a challenge for the government to mobilise fiscal resources to deliver on its developmental objectives, adding that President Muhammadu Buhari had directed that revenue generation needed to be enhanced.

According to her, while oil revenue to oil Gross Domestic Product ratio stands at about 39 per cent, non-oil revenue to non-oil GDP is about 4.2 per cent.

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President Ramaphosa to Sign South African Competition Amendment Bill Into Law

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South African President Cyril Ramaphosa will sign into law today the Competition Amendment Bill, which will strengthen regulations against anti-competitive behaviour in industrial markets.



The bill, which was approved by the National Assembly in October 2018 and endorsed by the National Council of Provinces in December 2018, is a step in the right direction for SMEs, economic inclusion and it opens up the economy to fresh investment and innovation.

It also provides a clear mandate to the competition authorities to address economic concentration in a balanced manner and to promote economic transformation, the Presidency said on Monday.

Additionally, the amended legislation seeks to combat concentration and economic exclusion as core challenges that contribute to slower and less dynamic growth, lower employment and greater inequalities, as well as socio-political conflict.

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The Presidency said this will enable a more effective approach to concentration, with a focus on improving outcomes for small and black-owned business, and strengthen the institutions involved in managing competition policy and law.

The signing ceremony will take place this afternoon at the Tuynhuys Chambers in Parliament. Economic Development Minister Ebrahim Patel, who campaigned fiercely for the bill’s codification, will join the ceremony along with a group of stakeholders.

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Manufacturing Output Growth Slows Again in South Africa

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The preliminary data from Statistics South Africa has showed the rate at which South Africa manufacturing output slowed twice again within the month of December.




Negative contributions came from petroleum, chemicals, rubber and plastic products, iron and steel, non-ferrous metal products, metal products and machinery industries to make outputs edged up a non-adjusted 0.1% year-on-year in December following a 1.3% increase in November and a 3.0% gain in October

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As against a drastic output growth in the prior month; 0.7% following a 0.4% rise in November

Meanwhile motor vehicles, parts and other transport equipment, food and beverages, glass and non-metallic mineral products made the biggest positive contributions in December.

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