"Recapture Your Entries": Customs Announces Changes to 4% FOB Charge amid Public Outrage
- The Nigeria Customs Service has cancelled all import declarations made during the implementation of the four per cent Free-on-Board (FOB) charge
- Customs public relations officer, Abdullahi Maiwada, said the move was to ensure consistency in its operations
- It mandated all stakeholders to promptly recapture their entries through designated processing platforms to reflect the cancellation
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
The Nigeria Customs Service (NCS) has said all import declarations made during the initial implementation period of the four per cent Free-on-Board charge on imports have been cancelled.
Customs national public relations officer, Abdullahi Maiwadam revealed this on Monday, February 24, 2025.
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Customs reveals the reason for the cancellation
The NCS spokesman said that the measure is necessary to ensure clarity, and consistency in Customs operations, and prevent any disruption in clearance processes.
According to the statement, all stakeholder should promptly recapture their entries via designated Customs processing platforms.
Maiwada disclosed that the service will ensure that the process is seamless.
“Customs commands nationwide have been directed to provide the necessary assistance and clarifications to importers and agents requiring support during this period,” he said.
He stressed that Customs remains steady in its commitment to implementing government fiscal policies that align with the provisions of the Nigeria Customs Service Act 2023 via robust consultation and dialogue with all stakeholders.
Customs asks importers to recapture entries
Punch quotes the Customs spokesman as saying that the decision to cancel previous declarations allows for recapturing and is part of Customs' larger effort to be a listening agency that ensures effective service delivery.
He urged stakeholders to leverage the opportunity to avoid delays in clearing their consignments with stakeholders.
The Customs suspended the implementation of the four per cent FOB following public outrage.
The amount raised concerns among struggling businesses which face high inflation and operational costs.
Customs revealed that the suspension was an opportunity to review its revenue framework.
The four per cent FOB charge is calculated based on the value of imported goods, including transportation costs up to the loading port.
It means importers will pay more to bring goods into Nigeria, thereby transferring the cost to customers.
CBN adjusts Customs exchange rates for import duty
Meanwhile, the Central Bank of Nigeria (CBN) has adjusted the Nigeria Customs exchange rates for cargo clearance at ports and airports.
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The apex bank adjusted the rates following the appreciation of the Nigerian currency, the naira against the US dollar in the official and parallel markets.
Data from the federal government's trade portal shows that the current rate is slightly lower than the naira’s rate in the official window.
According to the data, the CBN has announced that importers opening Form M from Monday, February 24, 2025, will pay N1500.23 per dollar to clear their cargoes.
This new rate represents a 0.52% reduction compared to the N1508.164 importers paid the previous Monday.
Imported vehicle prices to change as Trump moves to raise tariffs
Legit.ng earlier reported that clearing agents have disclosed that Nigerian vehicle importers may be paying more due to Donald Trump’s plans to impose auto tariffs of around 25% and similar duties on semiconductors and pharmaceutical imports.
Reports disclosed recently that this is the latest in a wave of measures threatening to affect international trade.
Trump had said taxes on cars would come as soon as April 2, 2025, after his cabinet members were due to provide feedback on outlining options for a range of import duties.
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Source: Legit.ng
