Breaking: Nigerian Customs Suspends Enforcement of 4 Percent Free-on-board Value on Imported Goods
- The Nigerian Customs Service has suspended the enforcement of the controversial four per cent free-on-board value on imports
- The 4 percent free-on-board value on imported goods, outlined in Section 18(1)(a) of the Nigeria Customs Service Act 2023, had generated concerns among businesses already facing elevated operating expenses
- Abdullahi Maiwada, the Customs national public relations officer (PRO), noted on Tuesday, February 11, that the suspension provides an opportunity to reassess the revenue framework of the service comprehensively
Legit.ng journalist Ridwan Adeola Yusuf has over 9 years of experience covering metro, public affairs, and governance in Nigeria.
FCT, Abuja - The Nigeria Customs Service (NCS) has suspended the enforcement of the 4 percent free-on-board value on imported goods.
Dada Olusegun, the special assistant to President Bola Ahmed Tinubu on social media, shared this update via his verified X (formerly Twitter) handle on Tuesday evening, February 11.
Source: Getty Images
The presidential aide shared a recent press release signed by Abdullahi Aliyu Maiwada, the spokesperson of the NCS. In the document, the NCS acknowledged the "strategic role" of stakeholders towards the emergence and implementation of the NCS Act 2023.
The full statement by the NCS can be read below.
Suspension of Customs' controversial levy: Nigerians react
Meanwhile, Nigerians have shared their thoughts following the update shared by Olusegun.
Legit.ng captures some comments on X below:
@LovedCarefully wrote on X:
"Good news. Government officials need to check in that their moves align with the President’s entire agenda before throwing them to the public.
"It can quickly erode faith in the hope of brighter days that is being anticipated."
Chukwuemeka Nnawuihe commented on X:
"Policy flip-flops are not good for the polity. Shows absence of thorough planning and strategy by the said policy-makers."
@jettymoore said via X:
"What were they thinking before? It's like there are some people that are ready to bring down this government within."
@Recreate_Urself expressed doubts. The tweep wrote:
"Na lie. If you doubt me, import and see if you will not pay it.
"This information here is their usual tactic to make people believe the increment is not on. It's on."
Read more Nigeria Customs Service-related content:
- LCCI advises Nigeria Customs Service to suspend newly introduced 4% charge on imports
- Nigeria Customs gets approval to spend N20 billion on CNG vehicles, facilities in remote areas
- CBN crashes dollars for Customs exchange rate on cargo clearances as naira gains in all markets
- Apapa gridlock to end as Nigeria Customs promises seamless cargo clearance with B’Odogwu system
Ports: New FX rate for cargo clearance emerges
Earlier, Legit.ng reported that the Central Bank of Nigeria (CBN) adjusted the Customs exchange rates for cargo clearance at Nigeria’s air and seaports.
The apex bank fixed the Customs rate at N1,499.482 from N1,498 the previous day. The new rate takes effect soon.
The development came amid the depreciation of the Nigerian currency, which reverted to N1,500 in the Nigerian Foreign Exchange Market (NFEM).
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Source: Legit.ng
