By Elizabeth Adegbesan

Nigeria’s spending on importing used vehicles rose by 12.6 per cent to N617.48 billion in 2021from N548 billion in 2020 on the back of reduction in import duty on used vehicles.

Vanguard’s findings from the National Bureau of Statistics (NBS) Foreign Trade data in Goods Statistics report showed that the import bill on used vehicles stood stable at N172.07 billion through Q1’21 to Q3’21 but dropped sharply to N85.78 billion in Q4’21.

READ ALSO: Forex, border control soar prices of fairly used cars

In 2020, the Federal Government slashed levy on imported cars from 35 percent to five percent.

Details of the slash in levy on imported cars contained in Finance Act 2020, also showed that the import duty on tractors and motor vehicles for the transportation of goods was slashed from 35 percent to 10 percent.

Vanguard News Nigeria