- By Halimah Olamide
The Nigeria Customs Service (NCS), has announced that it is set to deregulate import duties on specific categories of vehicles.
This was made known in a statement made available to NPO Reports, stating that this move is a directive of the Finance Minister and the Coordinating Minister of the Economy
The process is slated to commence from 4th March 2024 to 5th July 2024, which is within a 90-day frame.
According to the statement, this move seeks to ease economic the hardship and encourage compliance.
“The Honourable Minister and Coordinating Minister of the Economy have approved the suspension of the 25% penalty previously imposed in addition to import duty on improperly imported vehicles.”
It further urged stakeholders, including vehicle owners, importers, and agents, are encouraged to seize the opportunity to regularise import duty payments within the designated 90-day timeframe.