FG gives more insight to the cut in automobiles’ import tariffs, Seeks Cooperation

Following the cut in automobiles’ import tariffs, the Federal Government has given more insights into it, says it is an “important, critical review of an existing policy that required adjustment.” It therefore, dismissed claims by a section of the organised private sector (OPS) that its decision amounted to a policy somersault.

The Minister of Industry, Trade and Investment, Mr. Niyi Adebayo, said Section 38 of the Finance Act 2020, which proposed reduction in tariffs on importation of vehicles, is not a policy somersault but “essentially an absolutely critical review of an existing policy that required adjustment.” He explained that the reductions in the tariffs would only affect the automotive sector in the short run, adding that it will eventually unleash development in the sector.

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