The Federal Government initiating plans to introduce O.5 per cent levy on imported goods to raise funds to meet its obligations to the African Development Bank, the World Bank and other multilateral organisations This was contained in a document released by the House of Representatives Committee on Finance.
The new levy was introduced into the 2022 Finance Bill under Sector 13 for Customs, Excise, Tariff, and others Consolidation Act.
The document explained that the amendment was essential to ensure certainty and sustainability of funding of the African Union and other key multilateral development institutions, “to bring into effect the Decision of the Outcome of the Retreat of the Assembly of the African Union and Federal Executive Council decision”. The move is part of the government’s efforts to checkmate the country’s rising debt profile.
