‘FG Will Keep Losing N200bn to Diversion of Vehicle Imports’ – Russo

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‘FG Will Keep Losing N200bn to Diversion of Vehicle Imports’ – Russo

By Correspondent

Mr. Ascanio Russo, is the Managing Director of Grimaldi Agency Nigeria Limited, has said that the diversion of automobile imports to the Port of Cotonou in Republic of Benin is making the Federal Government lose about N200 billion annually. He said this amount is the value of the tariff that should have been collected by the Nigerian Customs Service if the vehicles are imported through Nigerian ports. Mr. Russo also said that vehicles are diverted to the port in Republic of Benin by Nigerian importers, due to the manipulations of tariff rates by relevant agency of government, noting that there are no publication of cost of vehicles imported anywhere in the world. The PTML Terminal in Tin Can Island Port, Lagos is being managed by Grimaldi and is one of Nigeria’s struggling automobile ports, suffering from the effect of the country’s automotive policy. The PTML boss while speaking at a stakeholder’s forum in Lagos, said Nigerians pay lower rates at Cotonou, maintaining that “there is clearly a problem of trade policy.” He called the attention of the attention of the Minister of Transport to the percentage benchmark tariff collected at Nigerian ports, saying it is a huge source of problem for the importers, while they pay a fixed amount for vehicles. He added that it has become a major reason for jettisoning Nigerian ports. The PTML boss said: “In June 2015 when the duty increased as a result of auto policy, we saw immediately the effect. I think that the 35 per cent tariff for used vehicles is too high and is a source of problem because the prices of vehicles are not published anywhere and it is left to the Customs to determine the rates.” 

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