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Nairaland Forum / Nairaland / General / Autos / Naira Devaluation Pushes Up Vehicles Duties By 40% (25112 Views)
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Re: Naira Devaluation Pushes Up Vehicles Duties By 40% by Nononsense247: 9:06am On Jun 26, 2023 |
xpressionx:From your house you are claiming you know people... Go your states and leave Lagos... Why is your states not better than Lagos... Uselessbtribe... People don't go to your place cus nothing dey there useless people but dragging other people's land... Go see wetin agbero dey do una side hypocrites.... |
Re: Naira Devaluation Pushes Up Vehicles Duties By 40% by grandstar(m): 9:07am On Jun 26, 2023 |
cucumbar: I never liked the Buhari government. I wrote him off within 30 days. It might even been a week when he started determining exchange rates. |
Re: Naira Devaluation Pushes Up Vehicles Duties By 40% by Nononsense247: 9:07am On Jun 26, 2023 |
xpressionx:Call me a boy ... See this werey you fit never clock 30 like that ooo... Werey omo |
Re: Naira Devaluation Pushes Up Vehicles Duties By 40% by 43Ronin: 9:08am On Jun 26, 2023 |
This is how islamization starts. They first make everyone poor like in sokoto then use the Islam as a means to get wealth. |
Re: Naira Devaluation Pushes Up Vehicles Duties By 40% by ConfidentialDoc: 9:09am On Jun 26, 2023 |
Is there any need to open Seme border again? Maybe for rice... Thank God I've already cleared my 2017 Lexus SUV. |
Re: Naira Devaluation Pushes Up Vehicles Duties By 40% by lexy2014: 9:10am On Jun 26, 2023 |
Nononsense247: Pls what is my business with obi? Are u acknowledging that the present administration is dishing out bad news on its own? Did anyone force the administration to dish out bad news? 1 Like 1 Share |
Re: Naira Devaluation Pushes Up Vehicles Duties By 40% by Flets: 9:14am On Jun 26, 2023 |
grandstar: You don’t implement such policies like it’s knee jerk. What plans are in place to cushion the effect on the people? What are savings reinvestment plans? Why not a gradual removal of the subsidies, why must they happen on day 1?, you want to kill the people you intend to save? Where. Are the savings from diesel and kerosene subsidy removal? 2 Likes |
Re: Naira Devaluation Pushes Up Vehicles Duties By 40% by NuCypher: 9:14am On Jun 26, 2023 |
Leebeedo:That explanation is insufficient. Fuel is the worst example you could use. Nigeria generates its own crude and there's supposedly a refinery which should come into operation shortly and which, again, is supposedly able to meet the country's local needs. In effect, your explanation does not justify a near 40% increase in rates. 2 Likes |
Re: Naira Devaluation Pushes Up Vehicles Duties By 40% by BreconHills(m): 9:16am On Jun 26, 2023 |
xpressionx: What actionable plan do you want to have when your country is broke? Does it not occur to you that the obligations on our reserves outweigh the national accounts? Do you not understand that every day without subsidy obligations frees up the cash we need for palliatives? Do you imagine that the money exists somewhere and the government is refusing to release it? |
Re: Naira Devaluation Pushes Up Vehicles Duties By 40% by skuribeebo: 9:18am On Jun 26, 2023 |
They Don start again. Score 1 goal Call concede 4 goals. |
Re: Naira Devaluation Pushes Up Vehicles Duties By 40% by GetSenseNow: 9:22am On Jun 26, 2023 |
LARRYOBRAIN:You guys make me laugh 1 Like |
Re: Naira Devaluation Pushes Up Vehicles Duties By 40% by Bouncin(m): 9:24am On Jun 26, 2023 |
It will favor us, my family and i 1 Like |
Re: Naira Devaluation Pushes Up Vehicles Duties By 40% by CyberHustle: 9:26am On Jun 26, 2023 |
Why should a naira based economy be charging people in dollar equivalent for import? 2 Likes |
Re: Naira Devaluation Pushes Up Vehicles Duties By 40% by Nice2023(m): 9:27am On Jun 26, 2023 |
Samakus: Don't go and work. Show me one man who didn't work before he became rich. Religion has affected u guys that when u are supposed to take actions,u are busy praying. |
Re: Naira Devaluation Pushes Up Vehicles Duties By 40% by Basicend: 9:28am On Jun 26, 2023 |
Leebeedo: Most Nigerians didnt have access to the official rate of N465 to 1 dollar before. . We have been running businesses on black market rates. . So the recent increase in official rate has not yet affected us. . That is why you are not yet seeing many complaint. . It is govt parastatals, FX bidders and travelers that will be affected by the new policy. . it will reflect into the end price for consumers marginally thou. |
Re: Naira Devaluation Pushes Up Vehicles Duties By 40% by komzy589(m): 9:28am On Jun 26, 2023 |
GWMI:Hello, you can’t blame every stupid decision Tinubu has made on the subsidy removal. They are talking about naira devaluation, you are talking about subsidy. This is just a new low 🤦♂️ |
Re: Naira Devaluation Pushes Up Vehicles Duties By 40% by jaxxy(m): 9:29am On Jun 26, 2023 |
Strangulating policies bt he say let the poor breathe |
Re: Naira Devaluation Pushes Up Vehicles Duties By 40% by tobstarizhia(m): 9:38am On Jun 26, 2023 |
I wish Agbadorians nothing but wretched poverty and misfortune in the weeks and years to come |
Re: Naira Devaluation Pushes Up Vehicles Duties By 40% by Nice2023(m): 9:41am On Jun 26, 2023 |
GWMI: Then u don't know anything. In America most of things there are subsidised. Petrol,food and name it. In South Africa here,they have housing subsidy,unemployment insurance/subsidy,health insurance and many more alike. In Egypt,the energy sector is 72% subsidised and to shock u also,they have food subsidy till this day. In Namibia,there is what they called national electricity support tariff. These are things u do for ur country to avoid impoverishing the people but here,u guys just talk without brains. After all this,ask urself what do u benefit from ur country's wealth. 2 Likes 1 Share |
Re: Naira Devaluation Pushes Up Vehicles Duties By 40% by Reference(m): 9:41am On Jun 26, 2023 |
BreconHills: Oga you should elevate your thinking please. Yes, subsidies in a poor unproductive economy is suicidal but so is hyperinflation and.the failure of the government to act swiftly on inflation is the first failure. If you are informed you will understand that there is a fine line between the slow down of the economy and the complete seizure/recession of the economy which will crash revenue. Already productivity is being affected in many sectors as retail, construction, transportation and and energy are recording serious drops. I said it before that if the government does not come out and head off inflation it will spread from energy into transport and then into soft retail. By the time it hits durable.goods and fixed assets then the damage to.the economy will become irreversible. 1 Like 1 Share |
Re: Naira Devaluation Pushes Up Vehicles Duties By 40% by komzy589(m): 9:47am On Jun 26, 2023 |
Nononsense247:Sorry, how old are you? |
Re: Naira Devaluation Pushes Up Vehicles Duties By 40% by DesireV: 9:47am On Jun 26, 2023 |
NuCypher:Customs duty is a % of the purchase price of the import item (bought in dollar most times) For example, import duty on a car of $10000 is 40% of $10000 which is $4000. Customs collect naira equivalent of $4000 since we spend naira and not dollar. Other taxes, levies, charges on imported goods are calculated as a % of the purchase price (which isn't in naira) |
Re: Naira Devaluation Pushes Up Vehicles Duties By 40% by COMPAQ(m): 9:49am On Jun 26, 2023 |
NuCypher: But the car you are buying from abroad isn't it in dollars? So of course the devalued naira makes the car more expensive, so naturally duties which is a fixed percentage becomes higher too. The headline is misleading. Customs didn't increase anything. |
Re: Naira Devaluation Pushes Up Vehicles Duties By 40% by darealez(m): 9:51am On Jun 26, 2023 |
Samakus: Lol! You and your family, just like every other Nigerian will survive. Nothing is favorable in price escalation.. Not even to Dangote. |
Re: Naira Devaluation Pushes Up Vehicles Duties By 40% by BreconHills(m): 9:54am On Jun 26, 2023 |
Reference: I would have taken your points in more detail. Suffice to say NG suffers import led inflation. We are all going to suffer. No two ways about it. Painless recovery is impossible. Q is while it be V shapes ( how deep the V?) or will it be U shape ( saucers or pots and pans?) Government needs to support responsive innovations e.g CNG and Gas optimisation. There is a whole industry waiting to be built out of post fuel subsidy oil prices. Support immediate short hanging opportunities. Fast. You can't address inflation with monetarist policies right now because they won't work. It's import led. You won't help by flooding market with dollars, its unsustainable. You can't raise wages because most companies would go out of business or scale back = higher unemployment. Only option is laser focus on responding to domestic innovation. Rest = hold on and ride out. |
Re: Naira Devaluation Pushes Up Vehicles Duties By 40% by comodo: 9:55am On Jun 26, 2023 |
wasuka14:Yes you are living in affluence indeed. Flying higher in bulabaic speed. 1 Like
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Re: Naira Devaluation Pushes Up Vehicles Duties By 40% by Leebeedo(m): 9:59am On Jun 26, 2023 |
NuCypher: Sure, fuel was just a quick example I could think of. A more realistic example would be payment of expatriates that fixes machineries at the sea port, they get paid in dollars. |
Re: Naira Devaluation Pushes Up Vehicles Duties By 40% by prophetfire: 10:00am On Jun 26, 2023 |
loosecanon50:By this Chicago drug criminal finishes with Nigerians ehhhhh. Make I no talk. As people no take Buhari get sense ehhhh, Tinubu own go make dem mad. |
Re: Naira Devaluation Pushes Up Vehicles Duties By 40% by Reference(m): 10:01am On Jun 26, 2023 |
CyberHustle: It is just a tactical move to raise tarrifs. It has nothing to do.with the exchange rate in reality. There is no reason why import duties should be denominated in anything but the naira. 2 Likes 1 Share |
Re: Naira Devaluation Pushes Up Vehicles Duties By 40% by Acidosis(m): 10:03am On Jun 26, 2023 |
Buying a car during this critical period, especially when on a tight budget, without considering its significant value beyond mere pleasure-seeking (hedonic reasons and women), is the fastest way to descend into poverty. A significant portion (say 60%) of your money will go towards servicing a corrupt government and big-bellied customs officers. The rise in fuel costs per litre (Now N520) will increase your blood pressure. 4 Likes 3 Shares |
Re: Naira Devaluation Pushes Up Vehicles Duties By 40% by equity1(m): 10:04am On Jun 26, 2023 |
DeLaRue: |
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