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%).
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…