In response to directives from the Minister of Finance and the Coordinating Minister of the Economy, Wale Edun, the Nigeria Customs Service (NCS) announced on Friday the suspension of the 25 percent penalty imposed as a surcharge on improperly imported vehicles.
According to a press statement issued by Abdullahi Maiwada, the national public relations officer of the service, stakeholders, including vehicle owners, importers, and agents, have been granted a 90-day window to regularize their vehicle import duty payments.
The statement emphasized the aim to alleviate economic challenges and promote compliance with import regulations. It highlighted the Minister's approval of the suspension of the 25 percent penalty previously levied in addition to import duty on improperly imported vehicles.
Stakeholders are urged to take advantage of this opportunity to rectify import duty payments within the specified 90-day period, effective from March 4, 2024, to July 5, 2024.
The move aims to provide relief to vehicle owners and importers while encouraging adherence to import duty regulations.
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