Customs Offers Solution to FX Crisis, Announces Release Plan for Detained Vehicles

Nigeria Customs Service

Amid the ongoing foreign exchange crisis in Nigeria, the Federal Government has introduced measures to address the challenges faced by importers and firms regarding the payment of import duties on detained vehicles.

Abdullahi Maiwada, the National Public Relations Officer of the Nigeria Customs Service (NCS), revealed in a statement on Sunday that a 90-day window had been granted to regularize import duties on specific categories of vehicles.

This announcement comes as the number of detained vehicles continues to rise due to difficulties in making import duty payments amid the foreign exchange crisis.

Maiwada explained that this initiative was a proactive step aimed at improving compliance and streamlining import processes.

He reiterated that the initiative targets vehicles imported into Nigeria where the required customs duty had not been paid or vehicles detained due to under-valuation.

Under the new arrangement, a 25% penalty will be imposed on the import duty, with vehicle valuation and assessment conducted using the Vehicles Identification Number (VIN) valuation method. Importers will be required to adhere to the import guidelines, procedures, and documentation requirements for used vehicles under the Destination Inspection Scheme in Nigeria (2013) and the NCS Act 2023. Payment of duties must be made using the procedure code specifically designated for this exercise.

However, Maiwada clarified that vehicles that have been seized and condemned will not be released under this arrangement and will be forfeited to the Federal Government in accordance with existing regulations.

Importers and vehicle owners seeking to regularize import duties are instructed to apply to the service’s zonal coordinators and Customs Area Controller of the Federal Capital Territory Command. They must submit the necessary documents and proceed with the registration of their imported vehicles in line with directives from the Federal Ministry of Finance.

Maiwada emphasized that this initiative demonstrates the NCS’s commitment to facilitating compliance and urged all stakeholders to take advantage of the opportunity within the specified timeframe.

Leave a Reply