FG Waives Import Duty On Materials Used In Production Of Banknotes

The Federal Government has waived import duty on certain inputs used for the production of banknotes by the Nigeria Security Printing and Minting Company Plc.

The Nigerian government also re-introduced an ad-valorem excise structure to spirits and wines.

The revisions were contained in a circular signed by the Minister of Finance, Budget and National Planning, Zainab Ahmed, seen by THE WHISTLER.

Nigeria’s excise duty on spirits, wines and cigarettes will be based on both ad-valorem and specific excise structures following the adjustment.

The FGN has also recalibrated the specific excise structure for levying excise duty on other tobacco-based products.

The government said this would effectively ensure the products are brought into the country’s excise net.

Zainab said in the circular that the revisions were to be implemented with immediate effect.

The revisions also supersede the circulars of March 6 2018, and February 7 2019, Zainab said.

The minister noted the development was in accordance with the Customs, Excise Tariff and Consolidation Act, which empowers the President to impose, vary or remove any import duty or modify the schedules to CETA.