If you are a baby boy, 2017 is going to be a very hard year for you.
The ‘change’ administration is hating on baby boys right now in a big way.
On Thursday, December 2016, it was announced that the government had raised import duties on stuff that make baby boys shine such as luxury goods, SUVs, sports cars, and alcohol.
As from now if you want to bring in your car from the ports and it is an SUV or sports car, you will pay 70 percent of the value of the car as duties. This money will be paid to the Nigeria Customs Service.
And wait for it Tokunbo cars (used cars) have gone from 10% import duty to 35%. As a matter of fact, cars can only come through the ports. Say bye bye to Seme border where most Nigerians buy their second-hand vehicles.
For luxury boats, the same import duty applies. Prior to the increase, these cars and boats attracted a 20% import duty. This means Otedola and co will have to pay a lot more to bring their pretty boats and private yachts into the country.
The bad news does not stop there. Members of St. Bottles Cathedral will also take a big hit as alcoholic spirits will attract a 70 percent tariff as opposed to 10 percent before. Smokers are not left out. Tobacco imports have been slapped with a 60 percent tariff.
It gets harder and harder to flex as a baby boy in the country. First the recession, now this.
The small money baby boys had saved to stunt on the haters in 2017 can’t do anything thanks to these tariffs.
Low key these import duties isn’t about helping local industries grow but they are a form of taxation.
The Nigerian government is broke and needs money from everywhere. Right now they are taxing baby boys.