Senate Seeks Imposition Of 35 Percent Import Duty On Soap Noodles
The Senate, Wednesday, asked the Federal Government to revert to 35 per cent import duty on the importation of soap noodles to save the industry in particular and Nigeria economy in general. The resolution followed the adoption of a motion titled: “Urgent need to review the import duty of soap noodles,” sponsored by Barau Jibrin (Kano North)
The upper chamber said that it was not in doubt that the increase in import duty of soap noodles made it unprofitable for the manufacturers to import them from outside the country. It noted that the increment made the manufacturers to resort to making a huge investment in setting up manufacturing lines to produce soap noodles in the country to the tune of about N420 billion while creating over 250, 000 jobs for Nigerians.
The Federal Government said, recently, IT made a downward review of the import duty from 35 per cent to 10 per cent. Senate Chief Whip, Senator Orji Uzor Kalu, in his contribution lamented that every year, the country spends about $900 million to import palm oil. The importations, he said, should be discouraged in the interest of local farmers and the country. Senate President, Ahmad Lawan, in his remarks noted that when constituted, the Committee on Trade and Investment will work out a modality to ensure that industries create jobs for the youth.