Nigerians to pay more on imported vehicles starting from June 1st
By June 1, 2021, Nigerians will have to pay more on Imported vehicles, as terminal operators have announced a 50 per cent increase in terminal handling charges.
Two Roll On Roll Off (RORO) terminals at the Tin Can Island Port, Ports and Terminal Multipurpose Limited (PTML) as well as Five Star Logistics Terminal had earlier this month announced an increase in their terminal handling charges by 50 per cent.
According to the circular released by both terminal operators, the increment is expected to take effect from Tuesday next week. However, the terminals have blamed the increment on inflation and huge operational cost due to the nature of Nigerian ports, among others.
In the circular by PTML, one of the biggest vehicle terminal in Nigeria, it states: “PTML would like to bring to the attention of its esteemed customers that the dramatic surge in inflation in 2020 and 2021, as well as the ever-increasing operational expenses incurred because of the particularly challenging port operational environment, which has had a huge impact on the company’s direct cost. PTML tariff has not been adjusted for a number of years now, and it has become impossible for the terminal to provide the same level of service as current prices.”
Nigeria recorded a total sum of N1.28 trillion as of the value of ‘used vehicles,’ popularly known as Tokunbo, and motorcycles imported in one year (Q3 2019 – Q2 2020), showing an increase of 42 per cent, compared to N899 billion recorded in the corresponding period (Q3 2018 – Q2 2019).
Vehicle mports in Nigeria decreased to N1,759,720.29 in December from N2,397,223.91 in November of 2020 according to figures from National Bureau of Statistics (NBS).
: “For SUVs, we were paying N21,000 as terminal handling charges, now it has been increased to N33,000. For the same SUV, we were paying N3,600 as terminal delivery charges but it has been reviewed upwards to N7,500.”©Standard Gazette, 2021. Unauthorized use and/or duplication of this material without express and written permission from this site’s publisher is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Standard Gazette with appropriate and specific direction to the original content.