The presidential committee on fiscal policy and tax reforms said it had asked the Federal Goverment to adopt an exchange rate of N800 per dollar for Customs import duty.
The chairman of the committee, Taiwo Oyedele, stated this on Thursday, while engaging journalists on the activities of the tax panel in Lagos.
While presenting some recommendations of the committee, the tax expert expressed concern over the import duty rate which constantly changes due to the volatility of the foreign exchange market.
Oyedele said this did not allow for adequate planning by businesses with Nigeria being largely an import-dependent country.
“When we did the budget, we said naira to the dollar would be N800, now it is N1,000 something. People need to plan.
”So now, we’re saying dear government, can you please sign an order that says for the purpose of paying import duty; we shall use N800… for the rest of the year till December? So, we have proposed N800,” he disclosed.
There has been an incessant spike in the import duty rate by the Nigerian Customs Service.
This development, some economy watchers say is a major trigger to Nigeria’s rising inflation currently at 33.69 per cent.
