The Nigerian government has lifted the 25% penalty imposed on improperly imported vehicles, with the Nigeria Customs Service announcing a 90-day window for importers to regularize their import duty payments.
Customs spokesman Abdullahi Maidawa revealed this development, specifying that it applies to certain categories of imported vehicles in Nigeria.
The cancellation of the penalty was endorsed by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, as reported by Ejes Gist News.
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Maidawa further stated that the Customs has been instructed to implement the 90-day window, effective from March 4, 2024, until July 5, 2024, for the regularization of import duties on specific vehicle categories. He emphasized that the aim is to alleviate economic hardships and promote compliance.
Importers, vehicle owners, and agents are encouraged to take advantage of this window to ensure compliance with import duty payments within the stipulated timeframe, according to the Customs spokesman.
Ejes Gist News reported on March 3, 2024, that the Customs had announced the 90-day window, outlining the guidelines, procedures, and documentation requirements for used vehicles under the destination scheme in Nigeria and the NIS Act 2023.
Additionally, Ejes Gist News reported that the Central Bank of Nigeria (CBN) has adjusted the Nigeria Customs Service exchange rate for calculating import duties at the country’s ports.
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This adjustment aims to streamline customs duties, which are taxes and levies payable on goods imported into Nigeria, with payments facilitated through commercial banks to the Nigeria Customs Service on behalf of the Federal Government.
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