FISCAL POLICY MEASURES 2012
                                                    Federal Ministry of Finance

     The President of the Federal Republic of Nigeria has granted approval for the
     following Fiscal Policy Measures for 2012 as enumerated hereunder:

      1. With effect from 31st January, 2012:
         (i)  Agriculural machineryand equipment shall attract zero percent (0 %) duty
              in order to support the development of agricultural sector;

         (ii) Equipment and machinery in the power sector shall attract zero percent (0 %)
              duty, to create a robust power sector and provide an enabling environment for
              investment..

   2. With effect from 31st March, 2012:
      (i)  Importation of Cassava flour shall be prohibited, to encourage the subtitution of
           high quality cassava flour for wheat flour in bread-making.

      (ii) Corporate tax incentives rebate of 12% shall be enjoyed by Bakers on attainment of
           40% cassava blend within a period of 18 months;

     (iii) All equipment for processing cassava flour for composite flour blending shall be
           imported duty free
  

    3. In order to encaurage the purchase and utilization of locally produced commodities,
       the underlisted measures are hereby introduced with effect from 1st July 2012:
     (i)   Wheat flour shall attract a levy of 65 % and 35 % duty rate;
     (ii)  wheat grain shall attract a levy of 15 % and 5 % duty;
    (iii)  Husked brown rice shall attract a levy of 25 % and duty rate of 5 %;
     (iv)  Imported polished rice shall attract a levy of 40 % and duty of 10 %.
  
   4. Concessions
      In order to expand domestic production, boost exports, generate employment and create a
      level playing field, concessions and waivera shall be granted only on sectoral basis.
  

   . Signed

    Dr Ngozi Okonjo Iweala
   Coordinating Minister for the Economy and Hon. Minister of Finance

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