By Balogun Tumininu
Just days after Dr. Bukola Saraki urged the federal government to reconsider the recently introduced 4% increase in the Free-on-Board (FOB) value on imported goods, the Nigerian Customs Service (NCS) has announced the suspension of the policy’s enforcement.
In a statement released on Tuesday in Abuja, the NCS National Public Relations Officer, Abdullahi Maiwada, disclosed that the decision was made following consultations with the Minister of Finance and Coordinating Minister of the Economy, Mr. Olawale Edun, as well as other key stakeholders.
The statement read: “The Nigeria Customs Service hereby announces the suspension of the implementation of the four per cent Free-on-Board (FOB) value on imports, as stipulated in Section 18(1)(a) of the Nigeria Customs Service Act 2023. This suspension is in response to ongoing consultations with stakeholders and aims to facilitate comprehensive engagement and discussions on the implementation framework of the Act.”
The move comes amid growing concerns over the potential impact of the policy on importers and the broader economy. The suspension will allow for further dialogue and review to ensure a balanced and effective implementation strategy.