The Nigeria Customs Service is engaging with the Federal Ministry of Finance to explore alternative funding options after the suspension of the 4% Free-on-Board charge on imports. Assistant Comptroller of Customs, Abdullahi Maiwada, confirmed the receipt of the ministry’s directive to suspend the levy and emphasized the Service’s commitment to aligning with government fiscal policies while maintaining service delivery. The NCS is optimistic that discussions with the Finance Ministry and other stakeholders will result in solutions that balance revenue generation with economic goals. The Service clarified that the 4% FOB charge is part of the Nigeria Customs Service Act, 2023, as a statutory funding mechanism in line with international standards. Operations will continue smoothly, assuring stakeholders of efficient service, revenue collection, and trade facilitation. The suspension occurs amid increased scrutiny of Nigeria’s trade and fiscal strategies, as stakeholders watch how the government manages customs funding and economic growth.
What alternatives are being considered for the suspended FOB levy?
