Home News Economic Hardship: Wale Edun cancels 25% penalty on improperly imported vehicles

Economic Hardship: Wale Edun cancels 25% penalty on improperly imported vehicles

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By Ogechi Okorie

IKEJA – In a move to ease economic hardship and encourage compliance, the Honourable Minister of Finance and Coordinating Minister of the Economy, Wale Edun has approved the suspension of the 25% penalty previously imposed in addition to import duty on improperly imported vehicles.

Nigeria Customs, in a statement released on Friday via X account and signed by the Chief Superintendent of Customs
National Public Relations Officer
for Comptroller General of Customs, Abdullahi Maiwada, said the Nigeria Customs Service (NCS), under the directives of the Honourable Minister of Finance and Coordinating Minister of the Economy, has initiated a 90-day window, effective from 4th March 2024 to 5th July 2024, for the regularisation of import duties on specific categories of vehicles.

To ease economic 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.

According to the statement, the Stakeholders, including vehicle owners, importers, and agents, are encouraged to seize this opportunity to regularise import duty payments within the designated 90-day timeframe.

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