1 month ago
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The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has directed the Nigeria Customs Service (NCS) to suspend the implementation of the 4 per cent Free connected Board (FoB) charge.
In a circular titled, “Suspension of the Implementation of 4% FOB Charge by the Nigeria Customs Service,” the Minister said implementation of the 4% FOB complaint posed important challenges to the Nigerian commercialized facilitation, situation and economical stability.
According to the circular dated September 15, 2025, with notation fig F6330/T³/12, signed by the Permanent Secretary, Special Duties of the Ministry, R. O. Omachi, and directed to the Comptroller-General of Customs, CG Bashir Adewale Adeniyi, Edun said the suspension volition supply an accidental for broad stakeholder engagement and a thorough reappraisal of the levy’s model and its broader economical implications.
He stated further that importers and businesses person raised concerns astir the accrued fiscal load the levy imposes, with imaginable adverse effects connected inflation, commercialized competitiveness, and the wide concern clime successful Nigeria.
“Pursuant to the powers vested upon the Honourable Minister of Finance and the Coordinating Minister of the Economy nether Part III, Section 12 of the Nigeria Customs Service Act, 2023 arsenic the Chairman of the Board of Nigeria Customs Services, I constitute to nonstop the contiguous suspension of the implementation of the postulation of 4% Free connected Board (FOB) precocious levied by the Nigeria Customs Service connected each imported goods.
“Following extended consultations with manufacture stakeholders, commercialized experts, and applicable authorities officials, it has go wide that the implementation of the 4% FOB complaint poses important challenges to the Nigerian commercialized facilitation, situation and economical stability. Many importers and businesses person raised concerns astir the accrued fiscal load this levy imposes, with imaginable adverse effects connected inflation, commercialized competitiveness, and the wide concern clime successful Nigeria.
“This suspension volition supply an accidental for broad stakeholder engagement and a thorough reappraisal of the levy’s model and its broader economical implications. The Ministry of Finance looks guardant to moving intimately with the Service and each applicable parties to devise a much equitable and businesslike gross operation that supports some gross procreation and economical maturation and stability,” the missive stated.
The Minister besides directed that Customs CG to guarantee strict compliance with the circular.
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