FG to Raise Import Duties on Used Vehicles

FG to Raise Import Duties on Used Vehicles

Federal Government is presently considering the option of raising tariffs on imported used cars to enable Nigerians afford new vehicles.

This is just as Vice President Yemi Osinbajo urged the National Automotive Design and Development Council to make out a comprehensive vehicle credit purchase scheme.

The directive came against the backdrop of the council’s plan to develop the automotive industry by reintroducing vehicle assembly operations, under the National Automotive Industry Development Plan, NAIDP.

Speaking in Abuja during a briefing by the council, Osinanjo said: “The Council Bill is taking time, but it should be made to work for those who cannot afford new vehicles.”

The Vice President, however, who shared concern about the strategy for raising funds and pressure which the importation of used vehicles exert on the foreign exchange, expressed concern about the effect the high import duties may have on Nigerians who cannot afford new cars and on transportation in general.

Also expressing concern about the spate of smuggling of used vehicles which had impacted negatively on the economy, he also urged the Council to work with other agencies such as the Nigeria Customs as well as a soft-ware that can check the menace.

He told the Council to put up a strong case for the credit purchase policy.



Source: Vanguard Nigeria

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