The Federal Government has ordered the immediate suspension of the 4% Free on Board (FOB) charge earlier introduced by the Nigeria Customs Service (NCS) on all imported goods.
The decision was announced in a statement signed by Omachi, Permanent Secretary for Special Duties in the office of the Minister of Finance and Coordinating Minister of the Economy on Monday.
According to the statement, the suspension was directed under the powers vested in the Minister by Part III, Section 12 of the Nigeria Customs Service Act, 2023, in his capacity as Chairman of the NCS Board.
“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,” the statement read.
Omachi explained that following extensive consultations with industry stakeholders, trade experts, and relevant government officials, it was agreed that enforcing the levy at this time would pose serious challenges to trade facilitation and economic stability.
He noted that businesses and importers had raised concerns about the increased financial burden, warning that the charge could worsen inflation, reduce Nigeria’s trade competitiveness, and weaken the overall business climate.
The ministry stated that the suspension would allow for a more comprehensive review of the levy’s framework and its broader implications for the economy.
“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,” the statement added.
