The Nigeria Customs Service (NCS) has said that all imported goods have been excluded from the export prohibition list and that all previously imported goods can now be re-exported upon payment of 2.5 per cent export surcharge of the present value, subject to approval of the Federal Ministry of Finance.
This is contained in circular dated April 25, 2022, signed by the Acting Assistant Comptroller General of Customs (ACG) Nasir Ahmed.
According to the management of the NCS, President Muhammadu Buhari recently approved the 2022 Fiscal policy measures for implementation with effect from April 25, 2022.
The circular, which was addressed to all Area Comptrollers of Federal Operations Units (FOUs) and all unit heads, reads in part: “I am directed to forward the Federal Ministry of Finance circular conveying the President’s approval for the implementation of 2022 Fiscal Policy measures with effect from April 25, 2022.
Read Also: Food prices increased by 44.3% in last 12 months- NBS
The Fiscal Policy comprises supplementary protection measures for the implementation of the Economic Community of West African States’ (ECOWAS) Common External Tariff (CET) 2022-2026 and Excise duties on non- alcoholic, alcoholic beverages, cigarettes and other tobacco products, as well as telecommunication services.
The policy also removed all imported goods from the export prohibition list and as such, all previously imported goods can now be exported upon payment of 2.5 per cent export surcharge of the present value subject to approval of the ministry.
“Note that a 90-day grace period commencing from the implementation of this circular has been granted to all importers, who had opened Forms ‘M’ and entered into irrevocable trade agreement.
“They shall be allowed to process and clear their goods at the prevailing duty rates until June 30, 2022,” the circular stated.
Click on The Trumpet and follow us on our Twitter page for more:
