Federal Govt to review import tariff on vehicles

Indications have emerged that the federal government may review downward the present import tariff on vehicles.

The likely review follows complaints over the implementation of the auto policy by the government in the last five years.

The review is expected to reduce the cost of new vehicles and increase the tempo of business in the nation’s automotive sector.

The planned review, which is in tandem with the change mantra of the President Muhammadu Buhari’s administration, sources said, may not lead to outright cancellation of the auto policy, which was announced in September 2013.

Information from reliable sources at the Federal Ministry of Industry, Trade and Investment revealed that the current 70 per cent tariff on imported cars may be slashed as a way to force down the prices of vehicles.

The National Automotive Design and Development Council (NADDC), an agency under the ministry, said last Friday that 14 out of the 25 registered automakers had started assembling vehicles in the country.