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Osinbajo: Tariff on used vehicles to go up

Osinbajo: Tariff on used vehicles to go up

Vice President Yemi Osinbajo has hinted that there may be need for higher tariff on used vehicles as their importation is exerting pressure on the foreign exchange.

Osinbajo dropped said this at the Aso Rock Presidential Villa in Abuja on Tuesday during a briefing by the Director-General of the National Automotive Design and Development Council, Engr Aminu Jalal.

The vice president's spokesman Laolu Akande, in a statement, however quoted him to have expressed concern about what might be the effects of such increase on Nigerians who could not afford new cars.

The vice president was also quoted as decrying that the spate of smuggling of used vehicles had impacted negatively on the economy.

He urged the National Automotive Design and Development Council to work with such other agencies as the Nigeria Customs on a software that could check vehicles' smuggling.

He also urged the council to come up with a comprehensive vehicle credit purchase scheme that will enable Nigerians to afford new vehicles.

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