The Nigeria Customs Service (NCS) has suspended the implementation of the 4% charge on the Free On-Board (FOB) value of imports, following consultations with stakeholders.
In a statement on Tuesday, NCS spokesman Abdullahi Maiwada said the suspension aligns with ongoing discussions led by the Minister of Finance, Wale Edun. The charge, introduced under the Nigeria Customs Service Act (NCSA) 2023, was meant to fund customs modernisation but faced backlash over concerns it could worsen inflation.
Stakeholders, including the Lagos Chamber of Commerce and Industry, criticised the charge for being introduced abruptly without proper consultation. The suspension will allow for further engagement and a review of the revenue framework.
Maiwada noted that NCS is already modernising its operations through digital innovations, including the B’Odogwu clearance system, which aims to streamline trade processes. A revised timeline for the charge’s implementation will be announced after consultations.
Credit: NAN (Text Excluding Headline)
