A former acting national president of the Association of Nigerian Licensed Customs Agents (ANLCA), Dr Kayode Farinto, has called on the federal government to scrap the 15 per cent levy on imported used vehicles, saying the policy is worsening Nigerians’ financial burden.
Farinto made the appeal while speaking on the impact of ongoing economic reforms, noting that although government policies have improved revenue generation and strengthened key macroeconomic indicators, ordinary citizens have yet to feel any meaningful relief.
He acknowledged that the administration has recorded notable progress in stabilising the foreign exchange market and boosting inflows into the Federation Account, describing it as one of the strongest revenue-generating periods in Nigeria’s recent history.
According to him, “the reforms have been working tremendously,” but the benefits have not translated into improved living standards for the majority of Nigerians.
He argued that while the federal government has significantly increased allocations to states and local governments following fiscal reforms, there has been little evidence of corresponding improvements in infrastructure and social welfare at the grassroots level.
Farinto stressed that removing the 15 per cent levy on used vehicles would provide immediate relief to importers and consumers already struggling under high transport costs, inflation, and weak purchasing power.
He also noted that although the government had introduced duty waivers on electric vehicles, implementation challenges have limited their effectiveness in easing transportation costs.
On the maritime sector, Farinto urged the Ministry of Marine and Blue Economy to adopt more aggressive strategies to unlock Nigeria’s waterway potential, which he estimated could generate up to N5 trillion annually if properly harnessed through public-private partnerships.
He advocated investment in water transportation and tourism, including the introduction of organised regional cruise vessels and sightseeing services across West Africa to boost revenue and create jobs.
Commending recent reforms in trade facilitation, Farinto praised the Nigeria Customs Service for introducing a one-stop-shop system that has reduced multiple cargo alerts and improved port efficiency.
He also lauded the government’s export promotion initiatives, which he said have helped increase export volumes, reduce dependence on the dollar, and support economic growth. Additionally, he highlighted the benefits of Nigeria’s currency swap arrangement with China, noting that it has boosted export activities by about 35 per cent.
Regarding security, the maritime expert expressed concern about worsening insecurity, attributing it to poor intelligence coordination among security agencies. He called for improved collaboration between the police, military, and other security bodies, as well as the establishment of state police to strengthen grassroots security management.
Despite his criticisms, Farinto maintained that Nigeria’s economy is on a growth trajectory, rating the government’s performance at 55 per cent, but insisting that more must be done to ensure citizens begin to feel the impact of ongoing reforms.
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