OVER 25 MILLION PHONES STOLEN IN ONE YEAR- FG. (PHOTO).

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 Over 25 million phones stolen in one year – FG The Crime Experience and Security Perception Survey report of the National Bureau of Statistics, a Federal Government agency, shows that Nigeria recorded 25.35 million phone theft cases between May 2023 and April 2024. According to the report, this was the most common type of crime within the period under review. The report read, “The number of crimes experienced by individuals in Nigeria was analysed over a period of time. The results show that theft of phones (25,354,417) was the most common crime experienced by individuals, followed by consumer fraud (12,107,210) and assault (8,453,258). However, hijacking of cars (333,349) was the least crime experienced by individuals within the reference period.” It also noted that most phone theft cases occurred either at home or in a public place, and about 90 per cent of such cases were reported to the police. Despite the high rate of the incident being reported, only about 11.7 per cent of t...
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FG IMPOSES NEW TARIFF ON ALCOHOLIC DRINKS.(PHOTO).

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FG IMPOSES NEW TARIFF ON ALCOHOLIC DRINKS


30th April, 2023    

The Nigerian government has imposed a 30 percent tariff on the importation of alcoholic beverages such as wine, spirits including whiskey, brandy, vodka, rums and smoking tobacco – cigarettes, among others.

This was disclosed in a statement signed by the Minister of Finance, Budget and planning, Zainab Ahmed, on Fiday April 28, 2023.

The statement reads, “This is to confirm that Mr President has approved the implementation of the 2023 fiscal measures made up of Supplementary Protection Measures (SPMs) for the implementation of ECOWAS Common External Tariff (CET) 2022-2026 and revised excise duty rate on alcoholic beverages, cigarettes and tobacco products as well as the introduction of excise duty on Single Use Plastics (SUPs).

“Beer and stout including other alcoholic beverages and beer not made from malted- whether fermented or not, attracts 20 percent import duty.

“Also, the government has imposed 2 and 4 percent tariffs on the vehicle engine size of 2000cc to 3999cc and 4000cc and above.

“As part of Nigeria’s commitment to climate change adaptation and mitigation to environmental degradation, a green tax made up of excise duty on Single Use Plastics (SUPs) and Import Adjustment Tax (IAT) levy is introduced on motor vehicles of 2000 and above.”

According to the document, the approved Supplementary Protection Measures (SPM) in line with the provision of the ECOWAS CET which shall take effect from May 1, 2023, are as follows: Import Adjustment Tax (IAT) list with additional taxes (levy) on 189 tariff lines of the extant ECOWAS CET; import Prohibition list (Trade), applicable only to certain goods originating from non-ECOWAS member states, and national list consisting of items with reduced import duty rates to promote and stimulate growth in critical sectors of the economy.

The national list consisting of items with import duty reduction to promote and stimulate growth in critical sectors of the economy shall continue to form chapter 99 in the ECOWAS Common External Tariff to be implemented by Nigeria.

The concessionary import duty under the new chapter 99 will only be accessible to verifiable investors/manufacturers who require them as inputs for production.

The document also disclosed that a grace period of 90 days, commencing from May 1, 2023, shall be granted to all importers who had opened Form ‘M’ and must have entered into ‘irrevocable trade agreement before the coming into effect of this circular, to process and clear their goods at the prevailing duty rates.

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