The e-valuation policy of the Nigeria Customs Service (NCS) has been described as suffocating and retrogressive to both the vehicle dealers and the Nigerian economy.
President, Association of Motor Dealers of Nigeria (AMDON), Prince Ajibola Adedoyin, who made this known during a media briefing at the weekend, said the new e-valuation policy had jacked up the prices of vehicles by close to a 100 per cent arising from the hurtful duty computations embedded in the policy.
According to him, the e-valuation remains the classic example of government’s insensitivity to the plight of Nigerians, as foreign-used vehicles are now outside the reach of the majority of Nigerians who are already battling poverty, insecurity, inflation and other challenges.
Adedoyin explained that the policy simply means that the Customs duty of any imported vehicle, regardless of the year of manufacture, will be computed based on the template of a 10-year vehicle.
“For instance, if you import a 2007 Toyota Corolla, you’ll pay the duty equivalent to that of the 2012 model, which is 10-years-old being the maximum age any imported should be, according to the new arrangement. “Even individuals who managed to save up to buy personal vehicles that hitherto sold for N2 million or a little above that will now have to cough out about N4 million in an already distressed economy. So, what good purpose does that serve?” he queried.
Adedoyin further stated that the policy had taken a heavy toll on the association, as over 350 vehicle importing and sales companies were on the verge of closing shop because they can no longer function under the asphyxiating circumstances occasioned by e-valuation.
