EXPLANATORY MEMORANDUM
This Act amends the National Automotive Council Act to abolish the two percent of the Cost Insurance and Freight (CIF) value of all imported Fully Built Units (FBU) auto component spare parts, Completely Knocked Down (CKD) and raw materials brought in for the automotive sub-sector and make provisions for alternate funding of the existing National Automotive Council.
ARRANGEMENT OF SECTIONS
Section:
1. Amendment of No. 84 of 1993
2. Amendment of section 9.
3. Citation.
NATIONAL AUTOMOTIVE COUNCIL (AMENDMENT) ACT, 2007.
An Act to amend the National Automotive Council Act no. 84 of 1993; and for related matters.
ENACTED by the National Assembly of the Federal Republic of Nigeria-
1. The National Automotive Council Act (in this Act referred to as “the Principal Act”) is amended as set out in this Act.
2. Section 9 of the Principal Act is amended in subsection (1) by deleting paragraph (a) thereof and consequently renumbering the remaining paragraphs (b) to (f) as paragraphs (a) to (e) respectively.
3. This Act may be cited as the National Automotive Council (Amendment) Act, 2007.