In a bid to alleviate economic burdens and foster compliance, the Nigeria Customs Service (NCS) has revoked the 25% penalty imposed on improperly imported vehicles.
The decision, announced by Customs spokesman Abdullahi Maiwada, came following directives from the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun.
The cancellation of the penalty comes in the wake of the NCS’s earlier announcement on March 3, offering a 90-day window—from March 4, 2024, to July 5, 2024—for the regularization of import duties on specific vehicle categories.
Explaining the rationale behind the move, Mr. Abdullahi emphasized that the government aims to ease economic hardships and incentivize importers to clear their vehicles.
He urged stakeholders, including vehicle owners, importers, and agents, to capitalize on this opportunity and regularize their import duty payments within the designated 90-day timeframe.
In response to the development, stakeholders have welcomed the decision, acknowledging its potential to alleviate financial burdens and streamline import processes.
This move is seen as a proactive step towards promoting compliance and facilitating smoother trade operations within the automotive sector.