The Nigeria Customs Service is to commence implementation of tariff reduction on vehicles before the end of this month.
The Nigerian Custom Service Comptroller-General, retired Col. Hameed Ali, announced this when he featured on Forum, the flagship interview programme of News Agency of Nigeria (NAN).
NAN recalls that President Muhammadu Buhari signed the Finance Bill, 2020 into law on the 31st of December, 2020, stipulating downward review of Excise Duty on tractors and motor vehicles for transportation.
The customs’ boss, on the 26th of January, said that the NCS was awaiting directives from the Ministry of Finance, Budget and National Planning on implementation of the Act.
Consequently, commencement of the policy follows the transmission of the directive to the NCS by the Federal Ministry of Finance, Budget and National Planning.
The customs boss noted that the high duty paid had also resulted to increased smuggling of vehicles into the country.
According to him, statistics available to the service show that about 300,000 to 400,000 vehicles coming into Nigeria first stop in Benin Republic before being smuggled into Nigeria.
Ali said that the reduction of duty, especially for the Transportation sector, would enhance the efforts to ensure that only quality vehicles for conveying goods and passengers were imported into Nigeria.