The Nigeria Customs Service (NCS) has announced the cancellation of the 25% penalty on improperly imported vehicles, following directives from the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun.

According to Abdullahi Maiwada, the Customs spokesman, the decision to cancel the penalty was made to alleviate economic hardship and encourage importers to comply with regulations. The cancellation comes after the Customs initially announced a 90-day window, effective from March 4, 2024, to July 5, 2024, for the regularization of import duties on specific categories of vehicles.

Maiwada emphasized that stakeholders, including vehicle owners, importers, and agents, should take advantage of this opportunity to regularize import duty payments within the designated 90-day timeframe.

This move by the Nigeria Customs Service is expected to provide relief to importers and facilitate compliance with import regulations, ultimately contributing to smoother trade operations within the country.