By Harriet Tornguvan -Abuja
The Nigeria Customs Service (NCS) has confirmed receipt of the Federal Ministry of Finance’s directive to suspend the implementation of the 4% Free-on-Board (FOB) levy on imported goods.
In a statement signed by the Assistant Comptroller of Customs and National Public Relations Officer, for the Comptroller-General of Customs, Abdullahi Maiwada, the Service noted that consultations have commenced with the Ministry to explore alternative measures during the suspension period, ensuring uninterrupted service delivery to stakeholders.
The NCS expressed optimism that ongoing discussions with the Ministry of Finance and other stakeholders would address existing concerns while enabling the Service to effectively discharge its statutory responsibilities.
According to the statement, the engagement aims to protect national interests, boost revenue generation, and advance Nigeria’s economic growth through efficient customs administration.
The Service also clarified reports suggesting that the 4% FOB was a recent introduction. It explained that the levy was established under Section 18(1)(a) of the Nigeria Customs Service Act, 2023, which provides for “not less than 4% of the free-on-board value of imports according to international best practices” as a statutory funding mechanism.
Reassuring the trading public, licensed customs agents, and international partners, the NCS emphasized that operations would continue seamlessly.
Additionally, the body reaffirmed its commitment to international best practices, efficient revenue collection, and enhanced trade facilitation in support of Nigeria’s economic objectives.
