The Nigerian Government has slashed the levy to be paid on imported cars popularly called Tokunbo in the country from 35 per cent to five per cent. This is stated in the draft bill of the 2020 Finance Bill to be presented to the National Assembly. The bill, which was recently approved by the Federal Executive Council will become law after it is passed by the legislature and assented by President Muhammadu Buhari. The import duty of tractors and motor vehicles for the transportation of goods has also been slashed from 35…
Read MoreBuhari crashes levy on imported ‘Tokunbo’ cars from 35% to 5%
