June 12, 2024

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Imported Vehicles Duty Slashes to 20%, Tin-Can Customs Command Overshoots Revenue Target

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The much-touted duty reduction on used imported vehicles has come into effect as importers have from 1st April 2022, started paying 20 per cent duty on their vehicles as against 35 per cent paid up to 31st March 2022.

There is another very strong indication that further reduction of duties on imported vehicles of various categories may be announced sooner than later by the federal government through the finance ministry.

Area Controller of the Nigeria Customs Service, Tin Can Island Command, Lagos, Comptroller Kunle Oloyede

The brand new Area Controller of the Nigeria Customs Service, Tin Can Island Command, Comptroller Kunle Oloyede, made the announcement while he received in his office the leadership of the Association of Maritime Journalists of Nigeria (AMJON) who paid a courtesy visit to the Customs Command.

Comptroller Kunle Oloyede explained that the government opted for the tariff reduction as a strategy to discourage smuggling and further boost revenue for the federal government.

Oloyede revealed that prior to his posting to the Tin Can Port, Lagos state, the revenue target was N1.5billion. But Just before his assumption of office at Tin Can Command, the revenue target was increased to N2.5billion but to the glory of God, he achieved over N25 billion in revenue in a spate of four weeks.

He enthused, “the revenue as at the time I got here was N1.5bn revenue target per day. So I was given a revenue target of N2.5bn per day. When I had the first parade, “I can tell you when we compare revenue from the time I came in up to now, we have over N25 billion extra, compared to N24 billion it was before because I have been able to lure back people that are into bulk cargo. I have been able to convince them to come back to the Josepdam terminal.

Asked what were his area command’s management principle, he retorted, “I told my officers three key things in no particular order, discipline, increase in revenue, and trade facilitation” were very strong factors they were charged to adopt and the guiding principle in all customs officers do at the port.

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