Customs awaits finance ministry’s nod to begin 25% slash on imported vehicles’ duties

Customs awaits finance ministry’s nod to begin 25% slash on imported vehicles’ duties

The reduction in the duties on vehicles and tractors from 35 to about 10 per cent may take off next week, the Nigeria Customs Service (NCS) said on Tuesday.

Comptroller-General of Customs, Hameed Ali, who disclosed this to journalists in Abuja, said the management of the service was only waiting for an official communication from the finance ministry on the matter any moment from now.

He said the vehicle tariff reduction, as contained in the 2020 Finance Act, was initiated by the NCS to ease the cost of transportation in Nigeria.

Hameed Ali

He said, “We are the proponents of the new tariff. I’ve been torn apart by many people criticising it, saying I used my connection to get it done. But it is in the overall interest of Nigeria.

“Now, it has become a law. We are now waiting for the finance minister to give us a formal conveyance of that Act. Once we receive it, we commence implementation immediately and inform our commands.

“We are hoping that latest by next week, it will become operational.”

On the African Continental Free Trade Agreement (AfCFTA), Ali said all aspects that concerned the NCS had been adhered to.

He, however, noted that the service would need certain inputs from the AfCFTA secretariat, such rules of origin, as this should not be left to chambers of commerce alone, adding that the NCS should part of the team.