Fg, 25% Penalty On Improperly Imported Vehicles Cancelled

The Federal Government has disclosed the suspension of 25 per cent import duty penalty usually imposed on improperly imported vehicles. The Nigeria Customs Service (NCS), under the directives of the Minister of Finance and Coordinating Minister of the Economy, has also initiated a 90-day window effective from March 4, 2024 to July 5, 2024, for the regularisation of import duties on specific categories of vehicles.

The Chief Superintendent of Customs and National Public Relations Officer, Abdullah Maiwada, explained that the move was to further ease economic hardship and encourage compliance by importers.

He said, “Stakeholders, including vehicle owners, importers, and agents, are encouraged to seize this opportunity to regularise import duty payments within the designated 90-day timeframe."

Similarly, the NCS has expressed commitment to collaborate with the Nigeria Export Promotion Commission (NEPC) on initiatives to enhance trade and boost export activities.

This was disclosed by the Comptroller-General of Customs, Bashir Adewale Adeniyi, during a courtesy visit by the management team of the NEPC to the Customs Headquarters in Abuja.

According to Adeniyi, “Collaborating with the NEPC will significantly aim at leveraging the Commission’s expertise and resources to streamline export processes further, reduce bottlenecks, and create a conducive environment for exporters.”

The Executive Director CEO of the NEPC, Nonye Ayeni, has applauded the Comptroller-General of Customs for his remarkable achievements since assuming office in 2023.

She highlighted the significance of non-oil exports for economic growth and development, calling for collaborative efforts to actualise the “Export 35 redefined” initiative.

She further stressed that the meeting with NCS is part of NEPC’s commitment to fostering partnerships with key stakeholders in the trade sector to facilitate smoother trade operations and promote economic growth.