The Federal Government has suspended the implementation of the 4% Free on Board (FOB) charge recently introduced by the Nigeria Customs Service (NCS).
The suspension was announced in a statement by Omachi, Permanent Secretary for Special Duties in the office of the Minister of Finance and Coordinating Minister of the Economy.
According to the statement, the decision followed extensive consultations with industry stakeholders, trade experts, and relevant government officials, which revealed that the levy could disrupt trade facilitation and harm economic stability.“
The implementation of the 4% FOB charge poses significant challenges to Nigeria’s trade environment and economic outlook.
Many importers and businesses have raised concerns about the increased financial burden, with potential adverse effects on inflation, trade competitiveness, and the overall business climate,” the statement read.
It added that the suspension would allow for broader stakeholder engagement and a comprehensive review of the levy’s framework and its wider economic implications.
The Ministry of Finance assured that it would work with the Customs Service and other stakeholders to establish a more equitable and efficient revenue structure that balances revenue generation with economic growth and stability.
