Committee proposes N800/$ exchange rate for import duty

The presidential committee on fiscal policy and tax reforms has proposed an exchange rate of N800 per dollar for customs import duty.

The chairman of the committee, Taiwo Oyedele, disclosed this on Thursday, recommending that the federal government adopt the rate.

During a press briefing in Lagos, Oyedele discussed the activities of the tax panel, highlighting the proposed exchange rate as a significant measure.

He emphasized that this adjustment aims to align the customs import duty with current economic realities, ensuring a more effective fiscal policy framework.

The proposal comes amid ongoing efforts to reform Nigeria’s tax system and improve revenue collection.

The proposed exchange rate will now be considered by the government as it moves forward with its fiscal reform agenda.