Thursday, 03 October 2024 04:33

Used vehicles importation slumps 83% in H1 2024 - NBS

Rate this item
(0 votes)

Nigeria’s import bills on used vehicles, popularly known as ‘tokunbo’, fell by 83 per cent year-on-year to N138.62 billion in the first half of the year, from N819.15 billion in H1’23.

Quarter-on-quarter, a breakdown of the National Bureau of Statistics (NBS) for the review period showed that in Q1 ’24 no used vehicle was imported compared to N69.23 billion worth of used vehicles that were imported in Q1’23.

In Q2’24, the value of imported used vehicles was N138.62 billion, representing an 81.5 per cent decline YoY from N749.92 billion in Q2’23.
NBS noted that the used vehicles were imported mainly from the United States of America, stating: “On the other hand, total imports from America in Q2’24 were N971.84 billion.

Recall that last year, the federal government introduced a new set of taxes on imported vehicles, among other things. The new tax regime stipulates that imported vehicles between 2000 capacity (two litres) and 3999 capacity (3.9 litres) engine would pay an additional charge known as Import Adjustment Tax (IAT) levy of two per cent of the value of the vehicle, while vehicles with 4000 capacity (four litres) and above engines would attract IAT of four per cent of their value.

The new levy is in addition to the 35 per cent import duty and 35 per cent levy being paid by importers of vehicles. However, vehicles below 2000cc, mass transit buses, electric vehicles, and locally manufactured vehicles are exempted from the IAT levy.

The government also revised the import prohibition list with the inclusion of used motor vehicles above 12 years from the year of manufacture.

 

The Guardian

June 30, 2025

Nigerian Bond Market extends gains as yields fall to 18.38%

Nigeria’s sovereign debt market maintained its upward trajectory last week, with continued investor interest driving…
June 26, 2025

Peter Obi decries ‘coordinated lawlessness’ after brother’s property is demolished in Lagos without court order

Former presidential candidate Peter Obi has condemned what he described as a brazen act of…
June 28, 2025

7 genius responses to ‘put rude people in their place,’ according to communication experts

Kathy & Ross Petras Rude people are, sadly, all around us. We deal with them…
June 21, 2025

Man convicted of posing as flight attendant to fly for free 120 times

A 35-year-old American man has been found guilty of impersonating a flight attendant at least…
June 30, 2025

Bandits strike again in Benue, kill four policemen in fresh attacks

Armed bandits on Sunday launched another deadly assault on Benue State, killing at least four…
June 30, 2025

What to know after Day 1222 of Russia-Ukraine war

WESTERN PERSPECTIVE Ukraine F-16 pilot killed in large-scale Russian attack, Zelenskiy calls for US help…
June 30, 2025

The computer-science bubble is bursting

Rose Horowitch The job of the future might already be past its prime. For years,…
May 13, 2025

Nigeria's Flying Eagles qualify for World Cup after dramatic win over Senegal

Nigeria's U-20 national football team, the Flying Eagles, have secured their place at the 2025…

NEWSSCROLL TEAM: 'Sina Kawonise: Publisher/Editor-in-Chief; Afolabi Ajibola: IT Manager;
Contact Us: [email protected] Tel/WhatsApp: +234 811 395 4049

Copyright © 2015 - 2025 NewsScroll. All rights reserved.