Nigeria Customs Suspends 4% FOB Charge on Imports
The Nigeria Customs Service (NCS) has announced the suspension of the implementation of 4 per cent Free-on-Board (FOB) value on imports as provided in Section 18(1)(a) of the Nigeria Customs Service (NCSA) 2023.
The suspension notice made known yesterday in a statement signed by the Assistant Comptroller of Customs, National Public Relations Officer, Abdullahi Maiwada, is sequel to ongoing consultations with the Minister of Finance and Coordinating Minister of the Economy, Mr Olawale Edun and other Stakeholders.
Spokesperson for Customs explained this suspension will enable comprehensive stakeholder engagement and consultations regarding the Act’s implementation framework.
The Nigeria Customs Service (NCS) has announced the suspension of the implementation of 4 per cent Free-on-Board (FOB) value on imports as provided in Section 18(1)(a) of the Nigeria Customs Service (NCSA) 2023.
The suspension notice made known yesterday in a statement signed by the Assistant Comptroller of Customs, National Public Relations Officer, Abdullahi Maiwada, is sequel to ongoing consultations with the Minister of Finance and Coordinating Minister of the Economy, Mr Olawale Edun and other Stakeholders.
Spokesperson for Customs explained this suspension will enable comprehensive stakeholder engagement and consultations regarding the Act’s implementation framework.
“The new Act addresses these challenges by consolidating “not less than 4% of the Free-on-Board value of imports,” designed to ensure sustainable funding for critical customs operations and modernisation initiatives,” the statement read.
