PRESIDENT TINUBU APPOINTS MINISTER OF STATE FOR PETROLEUM RESOURCES (GAS) AS CO-CHAIRMAN OF NCDMB GOVERNING COUNCIL. (PHOTO). #PRESS RELEASE.

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 STATE HOUSE PRESS RELEASE  PRESIDENT TINUBU APPOINTS MINISTER OF STATE FOR PETROLEUM RESOURCES (GAS) AS CO-CHAIRMAN OF NCDMB GOVERNING COUNCIL In line with his avowed commitment to establish a more efficient, targeted, and consistent approval process for unique oil and gas projects in the country, President Bola Tinubu has approved the appointment of Mr. Ekperikpe Ekpo, Minister of State for Petroleum Resources (Gas), as the Co-Chairman of the Governing Council of the Nigerian Content Development and Monitoring Board (NCDMB). This is also to further ensure effective oversight of the gas aspect of the nation's assets. The President remains committed to unlocking Nigeria's immense gas potential to stimulate industrial development, job creation, and sustainable economic growth. Chief Ajuri Ngelale Special Adviser to the President (Media & Publicity) May 9, 2024
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CUSTOMS SHED LIGHT ON DUTY VALUE VARIATIONS FOR USED VEHICLES,OTHERS.[PHOTO].#PRESS RELEASE.

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Customs Sheds Light on Duty Value Variations for Used Vehicles, Others

As part of efforts to make clarifications with regards to duty value on certain items, the Nigeria Customs Service (NCS) has disclosed that there is no uniform value for used items including vehicles.

This was made known by the Deputy National Public Relations Officer of the NCS, Timi Bomodi during a media parley held in Lagos. He added that the degree of depreciation on used Cars may not be the same even if the Cars were manufactured same period while stating that the NCS is currently looking into complaints by some importers and agents that there are variations in value and duty, using an improvised system of checking degradation of the used item being imported.

Deputy Comptroller of Customs, Bomodi also faulted the behaviour of some vehicle importers who allegedly adjust odometers on new vehicles to give a false impression of being a used vehicle that has covered high mileage with a view to evading accurate duty payment. He further highlighted several cases of false declarations, concealments and other unlawful antics by some importers and their agents to underpay taxes.

Speaking on the theme, ‘Trade Facilitation, A Tool For Enhanced Revenue Generation: The NCS Perspective’, he said the Service has achieved 90 percent automation of its operation and has surpassed it’s 2021 revenue collection target.

He also noted that despite the harsh operating atmosphere occasioned by the Covid-19 pandemic, the service collected a total of N2.3trillion between January 2021 to date thereby surpassing it’s target.

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