LCCI urges FG to review Import duty on vehicles
The Lagos Chamber of Commerce and Industry (LCCI) has exhorted the Federal Government to survey import obligation on vehicles with a specific end goal to cut down the cost of transportation in the nation.
The LCCI Director General, Mr Muda Yusuf, made this known to the News Agency of Nigeria (NAN) in Ota, Ogun, on Monday.
He said that the present import obligation on vehicles was exasperating the cost of transportation in the nation.
As per him, there is the requirement for the Federal Government to direly audit the car arrangement in 2017 in view of its antagonistic consequences for the economy.
"The present 70 for each penny import obligation on new autos is restrictive and has put the cost of new autos past the compass of most Nigerians and corporate associations.
"So also, the present import obligation of 35 for every penny on trucks and transports has likewise adversely influenced the cost of transportation in the economy.
"This is a period when merchants are now thinking about sharp cash devaluation.''
Yusuf said that if the Federal Government could audit descending the import obligation on Vehicles, it would improve individuals' way of life and help the economy.
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