FG considers downward review of 110% import duty on parboiled rice - There are indications that the Federal Government is considering a downward review of the 110 percent tariff on importation of rice which started in 2013. Ngozi Okonjo-Iweala, minister of finance, dropped this hint in a recent meeting with the Manufacturers Association of Nigeria (MAN) in Lagos. She also disclosed that consultations were ongoing between the president, minister of agriculture and rural development, Akinwumi Adesina, and the Ministry of Finance on the percentage of the review. The minister said it was discovered that the 110 percent duty encouraged smuggling from ports in neighbouring countries where the tariff is 10 percent, further observing that it had become necessary to review the 100 percent duty and 10 percent levy because the policy had created significant challenges, even though it had also led to increased
Posted on: Wed, 12 Mar 2014 09:15:28 +0000