President Muhammadu Buhari has approved a 30 percent import duty reduction on passenger transport vehicles into the country.
In a circular issued by the headquarters of the Nigeria Customs Service (NCS) in Abuja, which conveyed the presidential directive, the import duty reprieve covers aviation engines and spare parts and takes immediate effect.
According to the circular, signed by the NCS Deputy Comptroller-General, Trade and Tariff, T.M. Isa, signed on behalf of the NCS Comptroller-General, “the reduction followed the decision to prune applicable levies and duties on vehicles to mitigate rising transport costs and boost the mass transit industry”.
The essence of the assent, it stated, is to support the implementation of the 2021 Budget of Economic Recovery, which culminated in the changes of the fiscal framework in terms of the importation of automotive vehicles into the country.
The NCS official directed that the circular, which was titled: T&T/2021 CIRCULAR N0.5 Grant of the Presidential Assent of Finance Act 2020, be widely circulated to ensure immediate compliance.