GOODNEWS: Check Out What FG Is Doing About Imported Rice

Good time may be here again for importers and lovers of rice as the Federal Government is said to be contemplating a downward review of tariff on importation of rice.


Minister of Finance, Dr Ngozi Okonjo-Iweala disclosed this information on Wednesday while answering questions at the ‘Budget 2014 Jam’, in Abuja, stating that the drop in the tariff would reduce smuggling of the commodity into the country.
The minister said the existing 110 per cent duty on the importation of rice was encouraging smuggling of the commodity into the country.
“We increased the tariff to 110 per cent, and it encouraged some people to go and grow rice and we grew 1.1 million metric tonnes of the product.
“But it also encouraged smuggling from neighbouring countries because they immediately dropped their own tariffs to 10 per cent,” she said.
She added that the rice issue was similar to tariff on importation of used vehicles, saying “we are watching it now to see what  the appropriate tariff to be paid on it will be.’’
The minister added, “For rice, we decided to bring it down because we see that it is not working.’’
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