Section 257: Offences punishable on indictment summarily

1 Where, by or under this Act, a fine is prescribed in connection with an offence arising from the administration of the customs and excise law, the Service may, by regulations review and adjust such fines, after seven years from the commencement of this Act and thereafter every other four years.

2 The adjustment factor to be used by the Service for the review and adjustment referred to in subsection (1) in this section shall be as follows -

adjustment factor = CPl(y-I)/CPl(2009)

3 The formula -

"CPI (y-1)" means the average Nigerian consumer price index (annual) for All Urban Consumers (CPI-u) for all items, 2009 = 100, unadjusted for seasonal variation as announced by the Nigerian Bureau of Statistics, for the calendar year prior to the April 1 date under consideration; and

"CPI (2011)" means the average Nigerian Consumer Price Index (Annual) for All Urban Consumers (CPI-D) for All Item, 2009=100, unadjusted for seasonal variation, as announced by the Nigeria Bureau of Statistics, for the calendar year 2011.

4 Fines under this Act shall be reviewed as follows -

adjusted fine = fine x adjustment factor

5 The term -

’’adjusted fine” means the new fine to be introduced under this section;
"fine" means the fine under this Act in the first instance and adjusted fines for the subsequent years; and
"adjustment factor" means the figure calculated under subsection (2).

6 The provisions of this section shall also apply in the adjustment of other monetary provisions under this Act.