FG Increases Import Tariff on Rice, Wheat, Others

As revealed by the Finance Minister, Zainab Ahmed, in a document titled “Revised Import Adjustment Tax (IAT) for ECOWAS CET (2022-2026), 2023 Financial Coverage Measures”, the Federal Government said it is reviewing the Import Adjustment Tax (IAT). The 2023 updated document increased the price on rice packaging weighing more than 5kg or in bulk, as well as packing weighing 5 kg or less, from 50% to 60%. In a similar vein, imports of wheat or meslin flour now carry 70 percent tariffs as opposed to 50 percent in the ECOWAS CET 2022–2026.

The document reads: “This is to verify that his excellency Mr. President has authorised for the implementation of the 2023 financial measures consisting of Supplementary Protection Measures (SPMs) for the implementation of ECOWAS Common External Tariff 2022-2026 and revised excise duty charge on alcoholic beverages, cigarettes and tobacco products in addition to introduction of excise duty on Single Use Plastics (SUPs)”, she noted.

Recall that last year, President Buhari authorized the initiation of 2022 Fiscal Policy Measures, which included Supplementary Protection Measures (SPMs), as part of the implementation of the ECOWAS Common External Tariff (ECOWAS CET) for 2022 – 2026. Commencing April 1, 2022, excise taxes will be charged on products such as non-alcoholic drinks, alcoholic drinks, cigarettes and tobacco products, and telecommunications services. Accordingly, the revised excise duty rate on alcoholic beverages and tobacco products will take effect from June 1, 2023, and will be reviewed upward by June 1, 2024. “The excise duty on single use plastics (SUP) will also take effect on June 1, 2023,” the memo stated.

(C)Agro Nigeria..

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top