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Home NEWS News Federal Government Set To Reduce Levy On Imported Cars From 35% To...

Federal Government Set To Reduce Levy On Imported Cars From 35% To 5%

In a new bill that is to be presented to the National Assembly, the Federal Government has concluded plans to reduce the levy on imported cars.

The bill is contained in the draft bill of the 2020 finance bill to be presented to the national assembly.

Once the bill has been passed by the legislature and signed by President Muhammadu Buhari, it’ll automatically become law.

According to Nigerian Minister of Finance, budget, and national planning, Zainab Ahmed,

“The reason for us is to reduce the cost of transportation which is a major driver of inflation especially food production,” she told state house correspondents at the end of the federal executive council (FEC) on Wednesday, November 18.

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