The Nigerian Customs Service has suspended the implementation of the widely criticized four per cent Free-on-Board value on imports.
The Customs National Public Relations Officer, Abdullahi Maiwada, who disclosed the latest development on Tuesday in Abuja, said the decision is sequel to ongoing consultations with the Minister of Finance and Coordinating Minister of the Economy, Olawale Edun, and other stakeholders.
He said the suspension presents an opportunity to review the service’s revenue framework holistically.
Maiwada, added that the suspension aligns with the exit of the contract agreement with the service providers, including Webb Fontaine, which were previously funded through the one per cent Comprehensive Import Supervision Scheme.
The NCS however said its remained committed to implementing the provisions of the Act in a manner that best serves stakeholders while fulfilling revenue generation and trade facilitation mandate.
Maiwada said NCS will communicate the revised implementation timeline following the conclusion of stakeholder consultations.
The amount, as stipulated in Section 18(1)(a) of the Nigeria Customs Service Act 2023, has already raised concerns among businesses struggling with high operating costs.
