Overview

This document is a circular from the Federal Ministry of Finance, Budget and National Planning of Nigeria, addressed to various government ministries and agencies, confirming presidential approval for the implementation of the 2021 Fiscal Policy Measures and Tariff Amendments. The key changes include the adoption of Supplementary Protection Measures (SPM) for the ECOWAS Common External Tariff (CET) 2017-2021, effective from 6 September 2021. The approved SPM consist of: (i) an Import Adjustment Tax (IAT) list with additional levies on 184 tariff lines; (ii) a National list with reduced import duty rates to stimulate critical economic sectors; and (iii) an Import Prohibition list applicable only to goods from non-ECOWAS states. A 90-day grace period is granted for importers with irrevocable trade agreements prior to the effective date to clear goods at previous duty rates. Specific provisions include: electric generating sets (H.S. Code 8502.20.90.91) continue to attract 5% ECOWAS CET duty and 7.5% VAT; imported alcoholic beverages are no longer subject to IAT levy but are now liable to excise duties per the Finance Act 2020; and imports of tomato paste concentrates (H.S. Codes 2002.90.11.00 and 2002.90.19.00) are subject to 10% duty rate and 20% IAT levy.

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