By Obiabin Onukwugha
The Nigerian Customs Service, has announced the removal of 7.5% VAT on LPG equipment imports and the removal of VAT on steel and Electric vehicle imports into the country.
Comptroller General of the NCS, Bashir Adeniyi, announced this while unveiling plans and vision for the agency for 2024.
He also stated that the service uses the exchange rate on the official CBN window for clearing goods.
Adeniyi pointed out that the policy of merging the multiple exchange rate windows has repercussions on the operations of the NCS. He also emphasised that the agency will not engage in arbitrary increase or decrease of exchange rate.
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The NSC Boss who spoke during a live TV programme on last Wednesday, also noted that the customs only updates its system based on what is on the Central Bank’s official window.
He said: “It is not about customs increasing the rates. We have nothing to do with whether the rates go up or come down. We follow what is prescribed for us by the regulatory authority for monetary affairs which is the Central Bank of Nigeria (CBN)”.
Adeniyi further stated that the agency will adhere to the fiscal policies of the federal government as it relates import and export duties.
The Comptroller General further noted that the duties of the Customs Service go beyond revenue generation but trade facilitation and NCS hopes to leverage the African Continental Free Trade Agreement (AfCTA) to improve trade trade between African countries which coincidentally leads to more revenue generation.
He added that the Customs Service has increased its revenues by 37% since he assumed office and has set a target of N5.1 trillion in revenues for 2024.
