The Federal Executive Council FEC has approved the development of a portal for the management of import duty exemptions and vehicle identification numbers.
The Minister of Finance, Budget and National Planning Zainab Ahmed, who announced this at the end of the Council meeting in Abuja, said the portal would enhance efficiency as well as ensure transparency in the management of revenue collections in the affected areas.
Zainab further revealed that applicants for import duty tax exemptions would pay a fee of sixty thousand naira.
According to the Minister, some of the exemptions cover a number of sectors including the downstream gas utilisation projects, the agro-allied processing projects and aviation commercial aircraft engines.
She further revealed that other exemptions included spare parts, automobile assembly, iron and steel production, power including thermal hydro, solar and wind, textile plants, machinery and equipment that are imported for use for mining operations.
Also, the Minister of Works and Housing, Babatunde Fashola, who also spoke on the outcome of FEC meeting, said the Council approved about forty billion naira for road projects in Oyo/Ogun, Bauchi and Kano States.