FG introduces Proof of Ownership Fee for all vehicles in July as naira crash pus…

• The federal government will start issuing certificates of ownership to vehicle owners in July
• The Permanent Secretary in the Ministry of Transportation, AbdulHafis Toriola, launched the policy in Lagos
• He said all vehicle owners including motorcycle, tricycles, and other would be required to obtain the certificate at a fee

The Nigerian government has begun the issuance of a Proof of Ownership Certificate (PoC) for all classes of vehicles nationwide.

The policy was unveiled at the Bagauda Kaltho Press Centre, Alausa in Lagos by the Permanent Secretary, Ministry of Transportation, Engr AbdulHafis Toriola.

New vehicle policy begins July in Lagos

Toriola said the certificate would come into effect in Lagos in July, an essential requirement for vehicle owners, and renewable yearly.

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The development means that all vehicle owners would be mandated to obtain the PoC annually, unlike in the previous occasions where it was required if owners were changing ownership or purchasing a new engine.

Toriola said:

“Upon completing the requirements and procedures, this certificate will be part of official documentation of a vehicle’s legal owners.”

The Nation reports that the Permanent Secretary explained that the PoC would affect all vehicles, including tricycles, motorcycles, mini vehicles, saloon cars, all types of trucks, and articulated vehicles.

He said the PoC would contain such critical information as the vehicle’s registration details, plate number, model, and year of manufacture, including the owner’s name and address.

The policy will roll out across the Nation, and vehicle owners are required to pay N1,000 to obtain the document.

CBN’s naira devaluation drives up Cost of vehicle duties as Customs fix own exchange rates

Legit.ng reported that the ongoing foreign exchange rate reforms by the Central Bank of Nigeria have hit the maritime sector with a 40% increase in the exchange rate used in calculating import duty.

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CBN’s naira devaluation drives up cost of vehicle duties as Customs Fix own exchange rates

The Nigeria Customs on Saturday, June 24, 2023, increased the exchange rate used for import duty from N422.30 to a dollar to N589 to a dollar.

The development led to a 40% increase in import duty on imported cargo, including vehicles, Punch report said.

Source: Legit.ng