₦airaland Forum

1wolex85:
Not all duties are paid based on dollars, exports are not paid in dollars

AZeD1:
I know and i agree with this post, but remember Reno is part of the people who continues to tell the whole world the GEJ made Nigeria the biggest economy when all they was recount, its pot calling kettle black.

ajl:
[s]Don't be fooled by this faulty analysis. Customs fees are not paid in US dollars and the revenue are not derived from sale of products and services to foreign buyers. It is locally paid duties that reflect level of business transactions across the border or ports.

It is stupid to convert the numbers to US dollars and use that as an indicator of Customs earning or performance. He is not an economist and neither am I but common sense is not necessarily common especially when dealing with a populace that are not generally mentally nquisitive.

Ideally you do this kind of comparison using an Index. The value of US $ isn't an index in this situation. If he want to use the US$ value then he first need to divide Nigeria total foreign exchange earning by value of US$ for each year he wants to compare, and then use that as an index. But since the value of $$ has more to do with level of export rather than import; and import duties are Customs main source of revenue, it is still not ideal to use value of US $. But I think there is a more appropriate way of doing the comparison.[/s]

ProWalker:
Ignorance displayed with so much confidence.
Ask for a copy of Form M and PAAR ( Pre-Arrival Assessment Report) issue by Customs to access duty payable and you will see how it is computed using the FOB (denominated is forex) to generate the major part of their revenue.

ajl:
Answer this these questions.

Are duties paid on imports or export?

What does the value of US$ in an economy indicate?

ProWalker:
Ignorance displayed with so much confidence.
Ask for a copy of Form M and PAAR ( Pre-Arrival Assessment Report) issue by Customs to access duty payable and you will see how it is computed using the FOB (denominated is forex) to generate the major part of their revenue.

ProWalker:
Ignorance displayed with so much confidence.
Ask for a copy of Form M and PAAR ( Pre-Arrival Assessment Report) issue by Customs to access duty payable and you will see how it is computed using the FOB (denominated is forex) to generate the major part of their revenue.

jjman2322:
Yup.. most of the guys here dont know what FORM M, PAAR, Assessment, etc are... thats why they're arguing blindly..

Im actually given you first hand information as I run a company which heavily imports raw materials from India and china...

ajl:
Amount of duty payable is based on US$ value of product imported. There is no direct connection between this and value of US$. My point is that he is doing the wrong thing to score cheap political point. That's misleading. Are there no trained Economist on this platform?

This is what young Nigerians should be discussing..not some fake guys in Gucci apparels.

jjman2322:
Yup.. most of the guys here dont know what FORM M, PAAR, Assessment, etc are... thats why they're arguing blindly..

Im actually given you first hand information as I run a company which heavily imports raw materials from India and china...

ProWalker:
Honestly speaking, I'm truly sorry, but you are not making an iota of sense. Sorry.

sunnyb0b0:
Because import duties are paid on imported products which are priced in dollars and then converted to Naira at the official exchange rate.

AZeD1:
Mr Reno the official currency of the Federal Republic of Nigeria is Naira why are you converting to Dollars?

dokiOloye:
Nigerian Customs always charge their duty based on d dollar equivalent.

dokiOloye:
Nigerian Customs always charge their duty based on d dollar equivalent.

ajl:
But it doesn't change the fact that it is an import paid for locally in Naira. It's never done the way he presented it. That's the point am making. He is misinforming people.

veekid:
Chucking mouth and poke nosing into APC and Buhari's affairs has now officially became some guys 8-5s

ajl:
Obviously many folks here do not understand the purpose of an index.... You need an index to compare different years. That's the point and the right way to do it. Not throwing numbers out there blindly.

dokiOloye:
Import duty on cars has been 35% since d days of GEJ.
Now,somebody who imported a 2003 Camry paid like 320k naira in 2014.
But now,while d duty still remains d same 35%,someone who imported d same will be paying like 450k cos d duty was being calculated wt a dollar value of 197 naira to one dollar in GEJ's time,but now,they calculate wt a dollar value of 300naira to 1 dollar.
U get it now?

ProWalker:
The primary index and denominator here is the Rate of Exchange of Naira to other foreign currencies.

ajl:
No it is not. An ideal denominator here will be either the total import in Naira for each year or the total foreign exchange earning since that determined how much $$ is available to drive import.

ProWalker:
Dude, believe what ever you want to believe and let me hold on to my own understanding of what is actually on ground. All this your academic exercise is worthless.

stilldoingokay:
is not apc and buhari affair, is Nigerians affair, this is why there lied to you anyhow and you collect it, mumu

ivandragon:
lol...


was following your discussion with the chap & was wondering when you would realise that you are arguing with someone who has closed his mind to reality...

kate29:
https://coseghale..com.ng/2017/07/customs-is-dishonest-about-n486bn.html

Milestones:
HERE COMES THE THOMAS OF OUR TIME, THANK GOD YOU ARE STILL ALONE ON ALL ISSUES AS YOU HAVE ALWAYS BEEN. TAKE A LOOK BEHIND YOU NOBODY IS FOLLOWING YOU. NO CHOP CHOP!!!! YOUR BANK ACCOUNTS ARE DRYING UP, WHAT A PITY!!!

kate29:
https://coseghale..com.ng/2017/07/customs-is-dishonest-about-n486bn.html

ochejoseph:
Same way they discovered billions of dollar in a farm no body can account for!

they should forget propaganda and revive the economy they sent into coma

ochejoseph:
Same way they discovered billions of dollar in a farm no body can account for!

they should forget propaganda and revive the economy they sent into coma