By Adenle Ahmed Abiola
Copyright theeagleonline
The Nigeria Customs Service (NCS) says it has begun consultation with the Ministry of Finance following a directive to suspend the implementation of the 4 percent Fee On Board (FOB) levy on imports.
The spokesman of the Nigeria Customs Service, Abdullahi Maiwada, made this known in a statement he issued to newsmen on Tuesday.
The service said that the move aims to seek guidance from its supervisory ministry, the Ministry of Finance, on alternative measures to adopt during the suspension to ensure continuity of service delivery to all stakeholders.
Maiwada reaffirmed the NCS’s commitment to supporting government fiscal policies and expressed confidence that ongoing talks with the Ministry and other stakeholders would address the concerns raised while ensuring the service met its statutory obligations.
He said: “We look forward to constructive engagement that will ultimately serve the best interests of the Federal Republic of Nigeria, enhance revenue generation, and support the nation’s economic growth objectives through efficient customs administration.”
He said that the FOB levy was not introduced recently by NCS as speculated in the media, but by the National Assembly, which established the 4 percent FOB provision through Section 18(1)(a) of the NCS Act, 2023.
Maiwada assured all stakeholders that NCS operations would continue without any disruptions.
“We remain firmly committed to delivering efficient service, upholding international best practices and supporting Nigeria’s economic growth through effective revenue collection and enhanced trade facilitation,” he said.
The News Agency of Nigeria (NAN) reports that the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, on Monday announced the suspension in a statement through the Ministry’s Permanent Secretary, Special Duties, Raymond Omachi.
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NCS reacts to suspension of FOB levy on imports
Edun said that the move followed extensive consultations with industry stakeholders, trade experts, and relevant government officials, who expressed concern on the negative implication of the decision on the economy.
NAN recalled that on February 4, 2025, the NCS announced plans to implement a 4 percent charge on the FOB value of imports in line with the provisions of the NCS Act, 2023.
Since the announcement, the implementation has been stalled amid widespread concerns by stakeholders and experts, who warned that the move would raise importers’ costs and trigger cost-push inflation.
