35% Additional Import Duty on Tokunbo Vehicles Was Postponed?

The government has bowed to pressure and postponed the planned increase of tariffs on second hand vehicles to April 30, 2015. According to an article in the Punch, the government gave the following reasons for taking that decision.

But the Federal Government, in a statement issued on Wednesday by the National Automotive Council, an agency of the Federal Ministry of Industry, Trade and Investment, said it had deferred the implementation of the new tariff to April 30, 2015.

The Director-General, NAC, Mr. Aminu Jalal, said in the statement that the postponement was due to the delay in the establishment of a vehicle finance scheme.

He said, “The arrangements for the establishment of the affordable vehicle finance scheme suffered a delay of about four months due to the Ebola Virus Disease.

“The staff of the collaborating bank, Wesbank of South Africa, delayed their planned trip to Nigeria to set up operations from September 2014 to January 2015. Hence, the new date for the start of operations of the financing scheme is April 2014. Accordingly, the Minister of Finance has been asked to extend the levy deferment on used cars to April 30, 2015.”

So, Ebola has indeed played a crucial role in postponing the evil day right? I find that hard to believe really. Had this been true I see no reason why the Government will have to wait till January 1st to change their minds. I believe someone may have forgotten to approve of the postponement earlier enough until the Punch Newspaper carried it December 31st 2014. I guess the report must have scared some people in Aso Rock prompting a scramble for postponement and thus this feeble excuse. In any case, the masses win yet again.