The Nigeria Customs Service (NCS) made a significant announcement on Friday, revealing the suspension of a 25% penalty that was previously imposed on illegally imported vehicles. This decision, approved by the Minister of Finance, Wale Edun, aims to alleviate the economic challenges faced by many individuals.
In a statement released by the NCS National Spokesman, Abdullahi Maiwada, it was disclosed that the suspension will be in effect from March 6 to July 5, 2024. This move is intended to create an opportunity for the regularisation of specific categories of vehicles, allowing stakeholders such as vehicle owners, importers, and agents to comply with import duty regulations.
The initiative, under the directives of the Honourable Minister of Finance and Coordinating Minister of the Economy, is part of a 90-day window starting from March 4th, 2024. During this period, individuals are encouraged to take advantage of the opportunity to regularise import duty payments and clear improperly imported vehicles.
This development follows a previous announcement in March 2024, where importers were given a 90-day window to fulfil their duties and address issues related to improperly imported vehicles. The NCS hopes that this suspension of penalties will not only ease economic hardship but also promote compliance within the industry.
It is crucial for stakeholders to act promptly and make use of this grace period to avoid any further complications. By working together to adhere to import regulations, we can contribute to a more transparent and efficient import process in Nigeria.
