Tougher Days Ahead For Nigerians As FG Hikes Tariffs On Foods, Medicines
Nigerians should brace up for tougher days as the Federal Government has hiked tariffs on essential as well as luxury goods in a bid to shore up revenue and spur local manufacturing.
Essentials like rice, medicines, sugar and salt have seen hikes from as low as 10% to 70%.
SUVs, boats and Sports Cars, will now attract 70% duty (previously 20%); Rice, Alcohol and Tobacco now 60% (from 10 and 20%).
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Sugar and salt 70% (from 10%); packaged cement 50% (from 10%); Cotton/ fabrics materials 45% (from 35%).
Some drugs and other foods are also being slammed with higher tariffs including Anti-malarial drugs and antibiotics; palm oil; wheat flour; tomatoes paste cassava products.
More Details later…
