Business
Imported Vehicles: Customs Slam 15% Levy, Clearing Agents Plan strike
Clearing agents operating in the nation’s maritime sector may withdraw their services following the reintroduction of a 15 per cent National Automotive Council levy on imported used vehicles by the Nigeria Customs Service.
NAC had in 2011 proposed 35 per cent duty differentials between imported fully-built units and locally assembled cars. The proposal reportedly failed later.
But years after the introduction of the levy, the Nigeria Customs Service on Saturday reintroduced 15 per cent NAC levy on used imported vehicles.
Speaking on the development, the Chairman of the National Council of Managing Directors of Licensed Customs Agents, Ports & Terminal Multipurpose Limited chapter, Abayomi Duyile, said the move could have an adverse effect on the sector.
He said, “As I speak to you now, the NCS has reintroduced the NAC levy, which is a 15 per cent payment on used imported vehicles. That is a major issue; it means an additional 15 per cent on the duty we are paying currently”
Duyile said he was surprised the service was coming up with the levy in the second quarter of this year.
READ ALSO: ‘N266.5m Fraud’: EFCC Arraigns Fake General Who Claimed Buhari Nominated Him As Army Chief
“We will meet tomorrow and when we do, we will make our views known to the government. What we have in Nigeria are assembly plants, it is not as if we produce any vehicles completely in Nigeria. I am surprised now that towards the second quarter of 2022, the Customs is coming back again with the NAC levy.
“Why should the NAC levy be on used vehicles? I don’t know why they are coming up with the NAC levy again now. The Customs didn’t inform us, so we have been advised to stop the process of duty payment until this is sorted out. This is everywhere for now and anywhere you are clearing used vehicles, you will face the same problem.”
Also speaking, the Chairman of the National Association of Government Approved Freight Forwarders, PTML Chapter, George Okafor, said the outcome of the association’s meeting with its members will determine whether the agents would embark on the proposed strike or not.
“This is wrong because there is no way Customs can calculate NAC levy on used vehicles. It should be for new vehicles. The levy is for new vehicles, and not old or used vehicles. We will have to meet with the Customs command to determine the next line of action.”
Meanwhile, the National Public Relations Officer of Customs, Timi Bomodi, said the move was in line with the Economic Community of West African States Common external tariff, 2017-2021.
Bomodi said in a statement that the service in April migrated from the old version of the ECOWAS CAT to the new version, adding that this was in line with the World Customs Organisation’s five-year review of its nomenclature.
“On Friday, April 1, 2022, the Nigeria Customs Service migrated from the old version of the ECOWAS Common External Tariff (2017- 2021) to the new version (2022- 2026). This is in line with WCO’s five years’ review of the nomenclature. The contracting parties are expected to adopt the review based on regional considerations and national economic policy.
“The nation has adopted all tariff lines with few adjustments in the extant CET. As allowed for in Annex II of the 2022-2026 CET edition, and in line with the Finance Act and the National Automotive Policy, NCS has retained a duty rate of 20 per cent for used vehicles as was transmitted by ECOWAS with a NAC levy of 15 per cent. New vehicles will also pay a duty of 20 per cent with a NAC levy of 20 per cent as directed in the Federal Ministry of Finance letter ref. no. HMF BNP/NCS/CET/4/2022 of 7th April 2022”
He added that the decision took immediate effect.
“In Chapter 98 of the current CET – bonafide assemblers importing Completely Knocked Down and Semi Knocked Down are to enjoy a concession of zero per cent and 10 per cent duty rate, respectively. While within ECOWAS, duty rates for the same items are five per cent and 10 per cent, respectively. Incentivising their efforts through policy interventions guarantees a win-win situation for the nation in the long run. Implementing the current CET takes immediate effect, please,” the statement added.
PUNCH
Business
NNPCL Reduces Fuel Price After Dangote Refinery’s Adjustment
The Nigerian National Petroleum Company Limited has reduced its premium motor spirit pump price on Thursday, according to DAILY POST.
It was confirmed that NNPCL retail outlets in the Federal Capital Territory, Abuja, have reduced their pump price to N890 per litre from N945.
This new fuel price has been reflected in NNPCL retail outlets such as mega station Danziyal Plaza, Central Area, Wuse Zone 4, Wuse Zone 6, and other of its filling stations in the nation’s capital.
READ ALSO:N5bn Damage: NNPCL Secures Appeal Court Victory Against Ararume
The latest downward review of fuel price in NNPCL outlets represents an N55 reduction in fuel pump price.
“It was reduced to N890 per litre this afternoon, down from N945,” an NNPCL fuel attendant told DAILY POST anonymously on Thursday.
This comes a Nigerian filling station, MRS Empire Energy, on Thursday adjusted their fuel pump price to N885 and N946 per litre, down from N910 and N955 per litre.
The latest fuel price reduction trend is unconnected to Dangote Refinery’s ex-depot petrol price adjustment by N30 to N820 per litre from N850 and the price of crude oil in the international market.
Business
Dangote Refinery Reduces Fuel Price
Dangote Petroleum Refinery has announced a reduction in the ex-depot (gantry) price of Premium Motor Spirit, PMS, commonly known as petrol, by N30, from N850 to N820 per litre, effective from August 12, 2025.
This was disclosed in a statement by the company’s spokesman, Anthony Chijiena, on Tuesday.
The 650,000-barrel-per-day plant said the move is part of its unwavering commitment to national development, assuring the public of a consistent and uninterrupted supply of petroleum products.
READ ALSO:Dangote Refinery Gets New CEO
“In line with our dedication to operational excellence and sustainable energy solutions, Dangote Petroleum Refinery will commence the phased deployment of 4,000 CNG-powered trucks for fuel distribution across Nigeria, effective August 15, 2025,” said Chijiena.
The announcement comes as the refinery prepares to commence direct fuel distribution nationwide. The development is expected to lead petroleum product marketers to reduce their pump prices in the coming days.
In Abuja, the retail fuel price stood between N885 and N970 per litre as of Tuesday evening.
Business
Indian Refiners Abandon Russia For Nigerian Crude, As Dangote Refinery Relies On US
India Refineries have abandoned Russian crude for Nigerian crude, while domestic refiner Dangote Refinery relies heavily on West Texas Intermediate crude from the United States of America.
This followed a recent sanction threat by US president Donald Trump on India over continued patronage of Russian crude.
According to Reuters, industry sources said that Indian Oil Corporation recently bought one million barrels of Nigeria’s Agbami crude for September 2025 delivery in a tender awarded to global trader Trafigura.
Also included are one million barrels of Angola Girassol, one million barrels of US Mars, three million barrels of Abu Dhabi Murban, and two million barrels of Nigerian oil, according to Reuters.
READ ALSO:‘My Eyes Dey Your Body’: Drama As Portable Professes Love For Regina Daniels
The report noted that the purchase is part of a broader sourcing spree that has seen Indian refiners secure millions of barrels from non-Russian sources post July 2025.
Meanwhile, Indian refiners secured purchases of Nigerian crude grades; the $20bn Dangote Petroleum Refinery in Ibeju-Lekki, Lagos, is relying on around 60 percent on US and other imoorts to feed its processing units.
Data showed that the refinery imported an average of 10 million barrels in July 2025, saying it was increasingly relying on the US for its feedstock despite the naira-for-crude deal with the Federal Government, which kicked off in October last year.
According to Reuters, the Indian Oil Corp and Bharat Petroleum have bought a million barrels of non-Russian crude billed for delivery in September and October after the US pressured India to halt purchases from Russia.
READ ALSO:
Indian state refiners had been largely absent from the Nigerian crude market spotlight since 2022; they have in the past concentrated on Russian crude amid the Russian-Ukrainian war. However, the Indian refiners paused Russian purchases in late July 2025 after pressure from US President Donald Trump.
On the part of Dangote Refinery, data from commodities analytics firm Kpler showed that in July, US barrels accounted for about 60 percent of Dangote’s 590,000 barrels per day of crude intake, with Nigerian grades making up the remaining 40 percent.
In July, the Dangote refinery’s crude imports surged to a record 590 kbd—driven largely by US barrels overtaking Nigerian supply for the first time—amid ongoing domestic sourcing challenges, Kpler reports.
“While WTI has held a significant share in Dangote’s import slate since March, this is the first time US crude has overtaken Nigerian supply—a shift driven by several factors,” Kpler stated.
-
Metro4 days agoCustoms Seize N905m Rolls Royce, Other Contrabands In Ogun
-
News4 days agoBREAKING: FG, State, Local Governments Share N2.001trn July Revenue
-
Headline5 days agoJUST IN: Uganda Reaches Agreement With US To Take Migrants
-
News4 days agoJUST IN: Okpebholo Nominates Another 5 Persons As Commissioner-designates
-
News5 days agoBuhari Was Angel In Human Flesh – Bisi Akande
-
Metro4 days agoVillage Youths Capture Bandit During Midnight Attack In Benue
-
Metro4 days agoLagos Skit Maker Hacked To Death By Suspected Cultists
-
News4 days agoBenue Bans Nursery Graduations, Customised Textbooks In Schools
-
Metro3 days agoEdo Govt Demolishes Building Owned by Suspected Cultist
-
News5 days ago179 ASPs Disqualified As Police Promote 952 Officers
