The Nigeria Customs Service (NCS) has generated N1,085,663,678 in revenue within the three months grace period for regularising import duties for certain vehicle categories improperly imported into the country.
The 90-day window, which commenced on March 5, 2024, was initiated by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, to provide relief to vehicle owners, importers and agents, who had not fulfilled the requisite Customs duty or whose vehicles were detained due to undervaluation.
The regularisation process involved submitting necessary documents and processing vehicle registration (Vreg) per the ministry’s directives.According to the breakdown obtained by The Guardian, NCS generated N14,025,439 in March, N522,527,980 in April, and N549,110,259 in May.
On a zonal basis, in April, Zone A generated N267,617,078; Zone B, N225,606,312; Zone C, 8,078,540 and Zone D, N21,226,050,00.In May, Zone A, B, C and D generated N190,871,115, N266,432,607, N45,015,293 and N46,791,244 respectively.
This feat makes Zone B the top-performing zone, accounting for over 45 per cent of the total revenue generated by the Service within the 90-day window.
The valuation and assessment of vehicles were carried out using the VIN valuation method and import duty. However, a 25 per cent penalty was paid following the import guidelines and documentation requirements.
Responding to the significant revenue generation, the Customs’ spokesperson, Abdullahi Maiwada, urged vehicle owners, who had yet to regularise their vehicles to take advantage of the grace period and avoid penalties.
He said: “We are calling on members of the public to seize this opportunity within the timeframe of the few days remaining to regularise their vehicles that are improperly imported. So, we implore the public to use this opportunity to regularise their vehicles and make sure that Customs duties are duly paid on those vehicles so that they won’t have a chance of being confiscated or seized at any point within the country.
“We are going to communicate the next line of action after the expiration of the window. It will be duly communicated to what we intend to.” While acknowledging that smuggling cannot be completely eradicated, Maiwada emphasised the NCS’s efforts to minimise it.
NCS
