• About
  • Advertise
  • Contact
Sunday, August 3, 2025
  • Login
Vital News
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security
No Result
View All Result
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security
No Result
View All Result
Vital News
No Result
View All Result
Home Economy

Customs Hike Imported Vehicle Duty, Agents Protest

Vital News by Vital News
January 9, 2023
in Economy
0
Customs Hike Imported Vehicle Duty, Agents Protest
Share on FacebookShare on Twitter

Lagos -;Freight forwarders have said there may be congestion of imported vehicles at the nation’s seaports following the Nigeria Customs Service’s decision to raise duty on imported vehicles by 10 per cent.

The agents, in exclusive interview with our correspondent in Lagos on Sunday, accused the service of effecting 10 per cent duty increase but failed to apply the 10 per cent yearly depreciation value on imported used vehicles.

The Deputy President of the National Association of Government Approved Freight Forwarders, Nnadi Ugochukwu, wondered why the NCS started a new financial calendar in January when this was meant to be done in April.

He said, “Importers have to pay based on 2014 model even if the vehicle is a 2008 model. So, It is true the NCS has raised duty to 2014, normally their new calendar is supposed to start by March.

This has made imported vehicles to become trapped at the port, Customs increased duty by 10 per cent, but refused to implement the 10 per cent annual depreciation.

RelatedStories

Dangote Says Tinubu’s Economic Policies Working, Reviving Private Sector

FAAC Shares N1.818trillion June Revenue Among FG, States, LGs

Dangote Urges Wealthy Nigerians To Invest More In Nigeria To Aid Growth, Development

Africans In Position To Develop Africa, Dangote Tells Global CEOs

So, if you look at it now, you have to pay 10 per cent more. It refuses to implement the 10 per cent annual depreciation value on imported used vehicles; they are now making a 10 per cent increase every year”

Nnadi expressed fear that the move would lead to a drop in vehicle imports.

Also speaking, the Chairman of the Port and Terminal Multipurpose Limited chapter of the Africa Association of Professional Freight Forwarders and Logistics of Nigeria, Geoffrey Nwosu, said,

He said, “The Customs has hiked their duty to 2014 baseline starting this January. Even when we wanted to clear 2008 we were paying for 2013. The depreciation on it should be automatic.”

Meanwhile, a licensed Customs agent, Mr Timothy Adebowale, queried while the service failed to effect depreciation value rate on 2014 vehicles.

He said that the service was meant to effect yearly depreciation value on vehicles.

Reacting, the National Public Relations Officer, NCS, Timi Bomodi, said the development was based on government fiscal policy on age limit.

“Nothing has changed fundamentally from the age limit policy of the Federal Government.

“I don’t think it is necessary, these people know the rules. We don’t need to start this year like that, people are trying to see that things work out the way it should and if we are trying to see that things work out the way it should, we don’t need to be hitting ourselves over the head, we don’t need all those things.

“We just need to do our work and at the end of the day if it favors some people fine and if it doesn’t then they should know what the proper thing is,” he concluded.(Punch)

Tags: Customsdutyhikeprotests
Previous Post

NAHCON Officials Arrive In Saudi Arabia To Sign MoU On 2023 Hajj

Next Post

Terrorists Demand N620mln For Release Of Kidnapped Edo Train Passengers

Vital News

Vital News

RelatedStories

Dangote Says Tinubu’s Economic Policies Working, Reviving Private Sector
Business

Dangote Says Tinubu’s Economic Policies Working, Reviving Private Sector

July 27, 2025
FAAC Disburses N1.678trn February Revenue To FG, States, LGs
Economy

FAAC Shares N1.818trillion June Revenue Among FG, States, LGs

July 19, 2025
Dangote Urges Wealthy Nigerians To Invest More In Nigeria To Aid Growth, Development
Economy

Dangote Urges Wealthy Nigerians To Invest More In Nigeria To Aid Growth, Development

July 16, 2025
Africans In Position To Develop Africa, Dangote Tells Global CEOs
Business

Africans In Position To Develop Africa, Dangote Tells Global CEOs

July 14, 2025
Coordinator, Zero Hunger Nigeria, Arosanyin, Urges States, LGs To Invest More In Agriculture To Prevent Food Shortages
Agriculture/ Water/ Mineral

Coordinator, Zero Hunger Nigeria, Arosanyin, Urges States, LGs To Invest More In Agriculture To Prevent Food Shortages

July 14, 2025
Next Post
Terrorists Demand N620mln For Release Of Kidnapped Edo Train Passengers

Terrorists Demand N620mln For Release Of Kidnapped Edo Train Passengers

AMAA Founder, Peace Anyiam – Osigwe Is Dead

AMAA Founder, Peace Anyiam - Osigwe Is Dead

2023 Hajj Expo Kicks Off In Saudi With Over 400 Exhibitors

2023 Hajj Expo Kicks Off In Saudi With Over 400 Exhibitors

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Follow Us

Recommended

NFF says Doping Officer died of cardiac arrest, condoles FIFA, CAF, Zambia

3 years ago
How Governor Ododo Stole The Show At Edo APC Governorship Campaign Mega Rally By Ismaila Isah

How Governor Ododo Stole The Show At Edo APC Governorship Campaign Mega Rally By Ismaila Isah

11 months ago
Bandits Shot Dead 3 Policemen At Zamfara Checkpoint

Attack On Kogi INEC REC Residence : Police Recover Sienna Bus Used By Gunmen, Launch Manhunt

2 years ago

Kiruwa, Miyetti Allah President resigns

3 years ago

Instagram

    Please install/update and activate JNews Instagram plugin.

Categories

  • Agriculture/ Water/ Mineral
  • Aviation
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • Football
  • Foreign
  • Gender
  • Health
  • Judiciary
  • Labour
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Transport
  • Uncategorized

Topics

Abiodun Abuja APC arrest Atiku Bandits Bello Benue Buhari CBN cement Court Dangote death dies drugs Economy EFCC Election elections FG gunmen Hajj INEC Kano kidnap Kill Kogi Kwara Lagos NDLEA Niger Nigeria Ododo Ogun Oyo PDP Police Power refinery rescue road Security students Tinubu
No Result
View All Result

Highlights

FG Awards Contracts Worth N68.7bln For Power Projects In Universities, Teaching Hospitals

Ododo Applauds President Tinubu, Minister Of Works Over Ongoing Reconstruction, Expansion Of Abuja–Lokoja Highway

Hafsoh Killer, Abdulrhaman Bello To Die By Hanging, Court Discharges, Acquits 4 Others

FG Seeks Partnership With Dangote Cement To Bridge Housing Gap

Canada Announces Plan To Recognise Palestinian State By September

Governor Alia Dissolves Benue Executive Council, Appoints New Chief of Staff

Trending

Hardship : PDP Governors Meet In Asaba, Call On FG To Rejig Economic Policies
Politics

PDP Fixes September 27 For Conduct Of Fresh Congresses In Oyo, Kogi, Lagos, Borno, Adamawa, 8 Other States

by Vital News
August 2, 2025
0

The Peoples Democratic Party (PDP) has fixed Saturday, September 27, 2025 for the conduct of congresses that...

Abiodun Commissions Renovated Olumo Rock Tourism Complex, Declares Free Entry For Two Months

Abiodun Commissions Renovated Olumo Rock Tourism Complex, Declares Free Entry For Two Months

August 2, 2025
NUC Team Pays Revalidation Visit To FUOYE, Lauds Visible Transformation Of Distance Learning Institute

NUC Team Pays Revalidation Visit To FUOYE, Lauds Visible Transformation Of Distance Learning Institute

August 1, 2025
Work Ongoing To Re-Erect Three Towers Along Kainji-Birnin Kebbi Transmission Line – TCN

FG Awards Contracts Worth N68.7bln For Power Projects In Universities, Teaching Hospitals

July 31, 2025
Ododo Applauds President  Tinubu, Minister Of Works Over Ongoing Reconstruction, Expansion Of Abuja–Lokoja Highway

Ododo Applauds President Tinubu, Minister Of Works Over Ongoing Reconstruction, Expansion Of Abuja–Lokoja Highway

July 31, 2025
ADVERTISEMENT
Vital News

Vital News is an online newspaper with a mission to uphold professional journalism by reporting and publishing only facts and figures-based news reports across Nigeria and beyond.

Recent News

  • PDP Fixes September 27 For Conduct Of Fresh Congresses In Oyo, Kogi, Lagos, Borno, Adamawa, 8 Other States August 2, 2025
  • Abiodun Commissions Renovated Olumo Rock Tourism Complex, Declares Free Entry For Two Months August 2, 2025
  • NUC Team Pays Revalidation Visit To FUOYE, Lauds Visible Transformation Of Distance Learning Institute August 1, 2025

Categories

  • Agriculture/ Water/ Mineral
  • Aviation
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • Football
  • Foreign
  • Gender
  • Health
  • Judiciary
  • Labour
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Transport
  • Uncategorized

© 2022 Vital News - . All Rights Reserved.

No Result
View All Result
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security

© 2022 Vital News - Vital News by Vital News.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In