The Federal Government has announced a review of the Import Adjustment Tax (IAT) as part of the implementation of Economic Community of West African States (ECOWAS) Common External Tariff (CET) 2022-2026, thereby raising tariffs on importation of rice, wheat, alcohol among 189 items.
The 2023 revised document, raised tariff on rice packing of more than 5kg or in bulk and in packing of 5kg or less to 60 per cent from 50 per cent. Similarly, importation of wheat or meslin flour now attracts 70 percent tariffs as against 50 in 2022-2026 ECOWAS CET.
The Guardian reports that the Minister of Finance, Zainab Ahmed, stated this in a document. The document is titled ‘Revised Import Adjustment Tax (IAT) for Implementation of ECOWAS CET (2022-2026), 2023 fiscal policy measures”