The Federal Executive Council Meeting has approved 0.25% as a new import levy for sustainable financing of Nigeria’s membership subscription in the African Union.
TVC News State House Correspondent Mariah Olasehinde reports that Council also received briefing that the Nigerian economy recorded a real “GDP ” Gross Domestic product growth of 2.01% in the first quarter of twenty nineteen.
At this extraordinary meeting, chaired by Vice President Yemi Osinbajo, the Minister of Finance briefed that council approved a rate of 0.2% as a new import levy on Cost, Insurance, and Freight (CIF) that will be charged on imports coming into Nigeria but with some exceptions.
Zainab explained that the purpose of this new levy is to enable the African Union member countries pay on a sustainable basis, their subscriptions to the African Union.
The Minister of Budget and National Planning spoke on the 2.01% economic growth recorded in the first quarter of 2019, he said the growth reflects the strongest first quarter performance in GDP since 2015.
He also expressed council’s belief that the dividends arising from the peaceful elections and the re-election of President Muhammadu Buhari will lead to a further boost in economic growth.
Council approved Nine memos from the Federal Capital Territory Minister.
President Muhammadu is expected to dissolve the cabinet to end his first term in office ahead of the May 29, 2019 swearing-in ceremony.
