The cost of vehicles and tractors in the country is likely to go down as the the Nigeria Customs Service has said reduction in the duties on the automobiles from 35 to about 10 per cent may take off next week.
Comptroller-General of Customs, Hameed Ali, disclosed the planned commencement of the reduced tariffs to journalists in Abuja.
He said the management of the NCS was expecting an official communication from the finance ministry on the matter any moment from now.
Ali noted that the vehicle tariff reduction, as contained in the 2020 Finance Act, was initiated by the NCS to ease the cost of transportation in Nigeria.
“We are the proponents of the new tariff. I’ve been torn apart by many people criticising it, saying I used my connection to get it done. But it is in the overall interest of Nigeria.
“Now, it has become a law. We are now waiting for the finance minister to give us a formal conveyance of that Act. Once we receive it, we commence implementation immediately and inform our commands.
“We are hoping that latest by next week, it will become operational,” he said.
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