The Nigeria Customs Service (NCS) has announced suspension of the implementation of 4% Free-on-Board (FOB) value on imports, following public outcry by Manufacturers.
Daily Trust on Monday reported how the charge would negatively impact the ease of doing business as well as the manufacturing sector.
In a press statement on Tuesday signed by National Public Relations Officer of the Service, Assistant Comptroller of Customs, Abdullahi Maiwada, noted that the suspension is sequel to ongoing consultations with the Honourable Minister of Finance and Coordinating Minister of the Economy, Olawale Edun and other Stakeholders.
According to Maiwada the suspension will enable comprehensive stakeholder engagement and consultations regarding the Act’s implementation framework.
“The timing of this suspension aligns with the exit of the contract agreement with the Service providers, including Webb Fontaine, which were previously funded through the 1% Comprehensive Import Supervision Scheme (CISS). This presents an opportunity to review our revenue framework holistically.”
