By Atoyebi Nike
The Federal Government has suspended the 4% Free on Board (FOB) levy recently introduced on imported goods by the Nigeria Customs Service.
The suspension, announced in a letter signed by R. O. Omachi, Permanent Secretary, Special Duties at the Ministry of Finance, takes effect immediately.
Authorities said the move followed consultations with stakeholders and trade experts who raised concerns that the levy could increase clearing costs, push up prices, and undermine competitiveness.
The Ministry noted that the decision would enable a comprehensive review of the policy’s framework to ensure any future measures are fair, efficient, and supportive of economic growth.
The 4% levy had been introduced alongside a 7% cost of collection and 1% processing fee, with importers warning that the combined charges were being transferred to consumers, particularly in vehicle prices.
Customs officials have been directed to comply strictly with the suspension while the government engages stakeholders on a more balanced revenue system.
