By MOSES AKAIGWEPrice tags on cars and buses are likely to go up by about 250 per cent next year, following the introduction of new fiscal measure by the Federal Government, as part of the new development plan for the country’s ailing auto industry.
A memo by the Coordinating Minister for the Economy/Finance Minister, Dr. Ngozi Okonjo-Iweala, on Thursday last week, to the Comptroller-General of Nigeria Customs, directed that imported fully built unit (FBU) cars shall now attract 35 per cent duty and 35 per cent levy, totaling 70 per cent charges.
According to the document, the duty on buses has also been raised from 10 per cent to 35 per cent without levy. Hitherto, imported cars attracted about 20 per cent duty.
The minister’s directive dated November 14, and also sent to Federal Inland Revenue Service,