FG ANNOUNCES CHANGE IN CAR IMPORTATION.

The Federal Government has commenced the disposal of assets confiscated from past government officials. This is according to the Minister of Finance, Kemi Adeosun who
disclosed that the price of just a single piece of seized jewellery is enough to buy a house.

She also announced that the Federal Government would reduce import duties on used vehicles that come in from neighbouring countries.

Speaking at a media conference in Abuja on Friday, Adeosun, who declined to give details about the identities of those who forfeited the jewellery, however, said her ministry had now been given the mandate to manage the recovered assets.

According to her, the present administration was taking giant steps towards expanding the economy.

Speaking on revenue and expenditure, the minister explained that of the N1.5 trillion projected independent revenue for the Federal Government in 2016, about N200 billion has been collected but gave the assurance that innovative methods are being deployed to meet the target before the end of the year. This, she said, would include reduction in import tariff on used vehicles (Tokunbo) being imported into neighbouring countries but smuggled into Nigeria.


Government discovered that import duty in one of those countries was just 10 percent while it is 30 percent in Nigeria and this has encouraged smuggling with the attendant loss of revenue.

Presently, Adeosun said a committee was working to review this high tariff as a way of discouraging smuggling and consequently improving revenue.

But, some other taxes, which she described as colonial rates, will be jerked up to reflect present realities.

She lamented that over the years, successive governments neglected to invest in massive infrastructure but concentrated on recurrent expenditure such that the monthly wage bill of the Federal Government is currently N165 billion per month, which is sufficient to fix the Lagos-Ibadan Expressway.