…As Fiscal Policy Changes Continue
The Federal Government has continued to implement drastic changes in the fiscal policies of the nation, with the latest being the ban on importation of vehicles through the land borders with effect from January 1, 2017.
The Nigeria Customs Service (NCS) revealed this today in a press release signed by its Public Relations Officer, Mr. Wale Adeniyi.
“Importation of vehicles into Nigeria through the land borders have been banned by the Federal Government. The prohibition order covers all new and used vehicles. The order takes effect from 1st January, 2017”
“Importers of vehicles through the land borders are requested to utilize the grace period up till 31st December 2016 to clear their vehicle imports landed in neighbouring ports” the press release stated.
Following the ban, the Presidential directive is that all importation of vehicles into Nigeria should be done through the sea borders only.
The overt reasons include curtailing the ever increasing rate of smuggling into the country, however some stakeholders have also asserted that the new development is the government’s effort towards providing some sort of support to the Auto policy which has been tipped for review in recent months.
The restriction on the importation of vehicles follows that of rice, whose imports have been banned through the land borders since April 2016.
There has also been upward review of tariffs on some imports and changes in the prohibition list.