The Nigerian Customs Service (NCS) has initiated a new verification exercise targeting improperly imported private jets.
The National Public Relations Officer (NCS), Abdullahi Maiwada, who confirmed the verification exercise to journalists disclosed that all actions would be guided by relevant laws and regulations.
This initiative follows the suspension of a similar action over a year ago as the government has been attempting to recover billions of naira in unpaid import duties from private jet operators exploiting regulatory loopholes.
Many operators have used Temporary Import Permits (TIPs) to avoid paying the statutory 5% import duty., however, compliance may be challenging as private jet operators have previously resisted the efforts, with some taking legal action to avoid paying duties.
The new verification exercise is expected to lead to mandatory import duty payments, with non-compliant operators facing potential grounding of their jets.
Experts estimate that this new initiative could fetch the government up to N100 billion in unpaid import duties, especially with the high exchange rate, including a 25% penalty fee for delayed payments in addition to the 5% import duty.
