{"id":122294,"date":"2025-09-16T08:07:54","date_gmt":"2025-09-16T07:07:54","guid":{"rendered":"https:\/\/pointblanknews.com\/pbn\/?p=122294"},"modified":"2025-09-16T08:07:54","modified_gmt":"2025-09-16T07:07:54","slug":"fg-halts-customs-4-fob-levy-on-imports","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/fg-halts-customs-4-fob-levy-on-imports\/","title":{"rendered":"FG Halts Customs\u2019 4% FOB Levy on Imports\u00a0"},"content":{"rendered":"
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By Lizzy Chirkpi<\/div>\n
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The Federal Government has ordered the immediate suspension of the enforcement of the controversial 4% Free on Board (FOB) charge recently introduced by the Nigeria Customs Service on all imported goods.<\/div>\n
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The decision was announced in a statement by Raymond Omachi, the Permanent Secretary for Special Duties in the office of the Minister of Finance and Coordinating Minister of the Economy.<\/div>\n
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Quoting the directive, Omachi said:<\/div>\n
\u201cPursuant to the powers vested upon the Honourable Minister of Finance and the Coordinating Minister of the Economy under Part III, Section 12 of the Nigeria Customs Service Act, 2023, as the Chairman of the Board of Nigeria Customs Services, I write to direct the immediate suspension of the implementation of the collection of 4% Free on Board (FOB) recently levied by the Nigeria Customs Service on all imported goods.\u201d<\/div>\n
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According to him, the move followed \u201cextensive consultations with industry stakeholders, trade experts, and relevant government officials,\u201d which revealed that the policy threatened Nigeria\u2019s trade environment and economic stability.<\/div>\n
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He explained further: \u201cIt has become clear that the implementation of the 4% FOB charge poses significant challenges to Nigerian trade facilitation, environment, and economic stability. Many importers and businesses have raised concerns about the increased financial burden this levy imposes, with potential adverse effects on inflation, trade competitiveness, and the overall business climate in Nigeria.\u201d<\/div>\n
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The suspension, he noted, would create room for wider consultations and a comprehensive review of the levy\u2019s framework and its broader economic implications.<\/div>\n
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\u201cThis suspension will provide an opportunity for comprehensive stakeholder engagement and a thorough review of the levy\u2019s framework and its broader economic implications. The Ministry of Finance looks forward to working closely with the Service and all relevant parties to devise a more equitable and efficient revenue structure that supports both revenue generation and economic growth and stability. Ensure strict compliance, please.\u201d<\/div>\n<\/div>\n<\/div>\n