Would you like to receive notifications on latest updates of the following headlines?

Vehicle Importation Reduces By 45% Over Forex Crisis – CGC

POSTED ON July 4, 2024 •   BUSINESS      BY Abiodun Saheed Omodara
Comptroller General of the Nigeria Customs Service, Adewale Adeniyi l Source: Likendin

The Comptroller General of the Nigeria Customs Service, Adewale Adeniyi, has revealed that vehicle importation dropped by 45 per cent in the first quarter of 2024 due to foreign exchange challenges in the country.

Adeniyi, who stated that during a recent interview with Arise Television, said that period was very critical for Nigerians and businesses in general because of the volatility in the exchange rates.

He was optimistic that things had started picking up in the second quarter of the year, saying, “But we see some relative degree of stability in the second quarter because there are lots of discussions going on. 

"Some at the level of the National Assembly, most of them spearheaded by the Minister of Finance and Coordinating Minister of the Economy, bring on the stakeholders that are involved together, to ensure that we achieve stability.”

Giving an update on the private jet owners’ verification, Adeniyi said that a good number of private jet owners had started leaving Nigeria since the verification announcement was made.

He stated that the jets leaving did not want to be verified, noting that since the exercise started some weeks ago, only a few owners had shown up.

“Very few of them have shown up for verification and we gathered from intelligence that a good number of them have been leaving Nigeria since the announcement was given because they would not want to be verified,” he asserted.

According to Adeniyi, when you bring in an aircraft and you register, the next thing will be for the owners to come to Nigeria Customs and account for the customs duty if the jet is going to be used in Nigeria.

The CGC explained that the service started a private jet owners’ verification because more private jets were operating outside the ambits of the law.

“We have seen so many of these aircraft flying and our record tends to show that only a few of them have shown up to pay duty and this is why we are bringing this verification up,” he said.

The CGC stated that data obtained from the Nigerian Civil Aviation Authority revealed that, though many private jets were operating in the country, only a few paid Customs duty.

Adeniyi clarified that in 2019, the Customs Service generated N2bn from an exercise similar to the current one. 

He mentioned that the data from the NCAA revealed that many private jets operating in Nigeria had not paid Customs duty. 

According to Customs regulations, private jets in Nigeria are required to pay duty based on international aviation law. 

The recent exercise aimed to identify those complying with the law and those operating outside it. 

Adeniyi also highlighted the impact of fuel price disparities in neighboring countries, which he said had created incentives for smuggling. 

He emphasized the Service's collaboration with other agencies to monitor fuel trucking in real-time and efforts to address the welfare concerns of their officials, including remuneration and working conditions

READ ALSO
33 African Startups Cease Operations in 30 Months Amid Shift to Sustainability
BY Abiodun Saheed Omodara July 30, 2025 0

In the last 30 months, from January 2023 to mid-2025, approximately 33 startups in Africa ceased ope...

READ ALSO
Nigerian Financial Institutions Urged to Adopt Real-Time Tools to Combat Rising Fraud
BY Abiodun Saheed Omodara July 30, 2025 0

Financial institutions in Nigeria and throughout Africa have been encouraged to implement real-time...

READ ALSO
NDLEA Conducts Public Auction of Properties Linked to Drug Trafficking
BY Abiodun Saheed Omodara July 30, 2025 0

The National Drug Law Enforcement Agency (NDLEA) held a public auction yesterday for houses that wer...

READ ALSO
FG Plans Re-Privatization of Power Discos Amidst Legislative Changes
BY Abiodun Saheed Omodara July 29, 2025 0

The Federal Government may proceed with the sale of 11 power distribution companies through a re-pri...

READ ALSO
Lagos, Ogun Set for 25-Day Power Outage: Maintenance Work Begins July 28
BY Abiodun Saheed Omodara July 28, 2025 0

Lagos State and some areas of Ogun will undergo a power outage lasting 25 days, beginning on July 28...

READ ALSO
FG Mandates GPS Coordinates for Capital Projects Over N150 Million in 2025
BY Abiodun Saheed Omodara July 25, 2025 0

The Federal Government has required that all Ministries, Departments, and Agencies provide the Globa...

READ ALSO
FG Urges Project Accountants to Prioritize Integrity in Fund Management
BY Abiodun Saheed Omodara July 25, 2025 0

The Federal Government has cautioned project accountants and financial officers to prioritize care a...

READ ALSO
Electricity Tariffs: Power Firms Push Back Against State Negotiations
BY Abiodun Saheed Omodara July 24, 2025 0

On Wednesday, energy commissioners from all 36 states announced their willingness to engage with pow...

OUR CHANNELS:

IGP Egbetokun Addresses Plight of Retired Police Officers
BY Abiodun Saheed Omodara July 30, 2025 0

The Inspector-General of Police, Kayode Egbetokun, stated on Tuesday that many retired police office...


Shettima Highlights Food Sovereignty in Tinubu's Emergency Declaration
BY Abiodun Saheed Omodara July 30, 2025 0

Vice President Kashim Shettima provided insights into the motivations behind President Bola Tinubu&r...


CAC Demands Annual Returns to Avoid Deregistration
BY Abiodun Saheed Omodara July 30, 2025 0

The Corporate Affairs Commission (CAC) has initiated a new round of removing companies that have not...


Oyo State Government Seizes Goods from Unregistered Veterinary Practices
BY Abiodun Saheed Omodara July 30, 2025 0

The Oyo State Government on Tuesday shut down 15 veterinary outlets and seized goods valued in milli...


Nigerians Must Go: Ghanaians Rally Against Alleged Mass Prostitution and Ritual Killings
BY Abiodun Saheed Omodara July 30, 2025 0

Some Ghanaians have expressed their discontent with Nigerians, accusing them of engaging in mass pro...


SGF Urged Northern Politicians to Postpone Presidential Aspirations Until 2031
BY Abiodun Saheed Omodara July 30, 2025 0

The Secretary to the Government of the Federation, Sen. George Akume, has urged politicians from the...


Ola Aina Reflects on Frustrating Tottenham Experience that Changed His Career Path
BY Abiodun Saheed Omodara July 29, 2025 0

A defender for the Super Eagles, Ola Aina, has shared that he nearly signed with Tottenham Hotspur w...


CAF Announces Record $10.4 Million Prize Pool for 2024 African Nations Championship
BY Abiodun Saheed Omodara July 30, 2025 0

The Confederation of African Football has revealed an unprecedented total prize pool of $10.4 millio...


Victor Osimhen Set to Join Galatasaray: €75 Million Transfer from Napoli Finalized
BY Abiodun Saheed Omodara July 30, 2025 0

Victor Osimhen is expected to arrive in Istanbul this week as Galatasaray prepares to introduce the...


Fayose Endorses Tinubu, Oyebanji for 2027 Elections
BY Abiodun Saheed Omodara July 29, 2025 0

Former Ekiti State Governor, Ayodele Fayose, has officially endorsed President Bola Tinubu and Gover...


More Articles

Load more...

Menu