Nigeria Customs Scraps 25% Fine for Vehicle Import Violations Following Finance Minister’s Directive
The Nigeria Customs Service (NCS) has announced a significant shift in policy regarding the importation of vehicles, effectively abolishing the 25% penalty that was previously levied on vehicles imported under irregular conditions. This move comes as a direct consequence of instructions issued by Mr. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy. This decision aligns with broader governmental efforts aimed at alleviating economic pressures and fostering compliance among importers.
The announcement, articulated by Customs spokesman Abdullahi Maiwada, reverses the stance taken on March 3, which introduced a three-month period starting from March 4, 2024, to July 5, 2024, during which importers were encouraged to regularise their import duties for certain categories of vehicles. This initiative was designed to facilitate compliance and ensure the proper regularisation of vehicles imported into the country.
Maiwada’s statement highlighted the government’s commitment to reducing the financial burden on citizens and businesses, particularly in challenging economic times. By removing the 25% penalty, the government aims to provide a clear pathway for importers, vehicle owners, and agents to regularise their duties without the fear of incurring additional financial penalties. This approach not only seeks to enhance compliance rates but also supports the government’s broader objectives of streamlining importation processes and bolstering economic activities.
Stakeholders within the vehicle importation sector, including vehicle owners, importers, and clearing agents, are now presented with a golden opportunity to address any irregularities in their import duty payments. The designated 90-day window offers a reprieve, encouraging those affected to take proactive steps towards ensuring their vehicles are fully compliant with the nation’s import regulations.
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