FG Suspended 4% FOB Charge By The Nigeria Customs Service

Hurry!, See How People Are Turning Spare Minutes on Their Phone into Easy Cash ⌛💵” But before we break that down, here’s today’s trending news…:Breaking: Russia Deploys Secret Weapon — Ukraine Responds Within Minutes.

The Federal Government has suspended the enforcement of the 4% FOB charge by the Nigeria Customs Service.

Omachi, the Permanent Secretary for Special Duties for the Minister of Finance and Coordinating Minister of the Economy, announced the suspension in a statement.

The statement reads: “Pursuant to the powers vested upon the Honourable Minister of Finance and the Cordinating Minister of the Economy under Part III, Section 12 of the Nigeria Customs Service Act, 2023 as the Chairman of the Board of Nigeria Customs Services, 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.

”Following extensive consultations with industry stakeholders, trade experts, and relevant government officiais, it has become clear that the implementation of the 4% FOB charge poses significant challenges to the Nigerian trade facilitation, environment and economic stability. Many importers and businesses have raised concerns about the increased financial burden this levy imposes, with potential adverse effects on inflation, trade competitiveness, and the overall business climate in Nigeria.

”This suspension will provide an opportunity for comprehensive stakeholder engagement and a thorough review of the levy’s framework and its broader economic implications. The Ministry of Finance iooks 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. Ensure strict compliance, please.

Don’t Waste Time: “How People Are Turning Spare Minutes on Their Phone into Easy Cash .” Tap To Learn How.