The Minister of Economy and Coordinating Minister of Finance, Mr. Wale Edun, directed the Nigeria Customs Service to stop charging a 25 per cent penalty for improperly imported vehicles.
The spokesperson for the Nigeria Customs Service, Abdullahi Maiwada, stated on Friday that the service is suspending the 25 per cent penalty on improperly imported vehicles.
PUNCH Online stated that the Federal Government has given a 90-day period to adjust import duties on specific types of vehicles.
The service announced that a 25 per cent penalty, along with import duties, must be paid for used vehicles according to the import guidelines and procedures under the Destination Inspection Scheme in Nigeria (2013) and the NCS Act 2023.
Maiwada also mentioned that the service has been instructed to create a 90-day period for adjusting import duties on specific types of vehicles.
The statement mentioned, “The Nigeria Customs Service, as directed by the Honourable Minister of Finance and Coordinating Minister of the Economy, has established a 90-day period, running from 4th March 2024 to 5th July 2024, to adjust import duties on specific types of vehicles.
“To alleviate financial challenges and promote compliance, the Honourable Minister and Coordinating Minister of the Economy has decided to postpone the previously imposed 25 per cent penalty in addition to import duty on improperly imported vehicles.”
The NCS spokesperson encouraged stakeholders to take advantage of the opportunity.
“Stakeholders, such as vehicle owners, importers, and agents, are encouraged to take advantage of this opportunity to adjust import duty payments within the specified 90-day period,” Maiwada stated.
