By Godwin Oritse
LAGOS — THE Federal Government has reviewed the bar on used vehicles otherwise known as Tokunbo by increasing the age limit from 10 years to 15 years.
Similarly, textile materials fabric, embroidered garments and other printed materials that were banned before now have also been removed from the prohibition list
A circular from the office of the Minister of Finance stated that President Goodluck Jonathan approved the removal of furniture from the prohibition list but with a 20 per cent import duty and 20 per cent levy.
The circular with reference number BD.12237/S.403/VOL.1/206 and dated November 19, 2010 has also been sent to the relevant agencies which include the Nigeria Customs Service and the three destination inspection services providers— Cotecna, SGS and Globalscan.
The circular entitled: “Revision of schedule three-import prohibition list (trade) of the 2008-2012 Common External Tariff (CET)” and signed by the Minister of Finance, Mr Olusegun Aganga, is to take effect this month.
Part of the Circular reads: “This is to confirm that Mr President has granted approval for the under listed products to be removed from the import prohibition list.
“Furthermore, Mr President has approved an import duty rate of 10% plus 10% levy on health and energy drinks which has been excluded from the import prohibition and extension of the age of used motor vehicles to be imported into the country from the 10 years to 15 years from the year of manufacture”