New import duty on vehicles takes effect next week, says Customs
By Fredrick Wright
The Nigeria Customs Service (NCS) has expressed optimism that the new import duty on vehicles which is a reduction from 35 percent to 10 percent will begin next week.
The Comptroller-General of Customs, Hameed Ali, in a chart with newsmen in Abuja, said the move was to ease cost of transportation in the country.
Ali said the Service has been expecting official communication ffrom the Ministry of Finance to this effect, expressing optimism that it would come as soon as possible.
He argued that the new import duty was to ensure that cost of transportation is reduced in the country.
According to him, “We are the proponents of the new tariff. I’ve been torn apart by many people criticising it, saying I used my connection to get it done. But it is in the overall interest of Nigeria.
“Now, it has become a law. We are now waiting for the finance minister to give us a formal conveyance of that Act. Once we receive it, we commence implementation immediately and inform our commands.
“We are hoping that latest by next week, it will become operational.”
The Minister of Finance, Budget, and National Planning, Zainab Ahmed had previously explained that the reduction in import duties and levies is targeted at reducing the cost of transportation.
“The reason for us is to reduce the cost of transportation which is a major driver of inflation especially food production,” she told state house correspondents on Wednesday 18th November at the federal executive council.
