Nigerian govt approves suspension of Custom’s 25% penalty on improperly imported vehicles

The federal government has approved the suspension of the 25 percent penalty previously imposed in addition to import duty on improperly imported vehicles by the Nigeria Customs Services.

In a statement signed by the NCS National Spokesman, Abdullahi Maiwada on Friday, March 22, 2024, the Service revealed that the Honourable Minister and Coordinating Minister of the Economy Mr Wale Edun has approved the suspension of the 25% penalty previously imposed in addition to import duty on improperly imported vehicles.

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According to the NCS statement, “The Nigeria Customs Service (NCS), under the directives of the Honourable Minister of Finance and Coordinating Minister of the Economy, has initiated a 90-day window, effective from 4th March 2024 to 5th July 2024, for the regularisation of import duties on specific categories of vehicles.

“To ease economic hardship and encourage compliance, the Honourable Minister and Coordinating Minister of the Economy have approved the suspension of the 25% penalty previously imposed in addition to import duty on improperly imported vehicles.

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

By: Babajide Okeowo

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