Following the widely criticism of four per cent Free-on-Board(FOB) value on imports, the Nigeria Customs Service ( NCS) has suspended the implementation.
The NCS National Public Relations Officer, Abdullahi Maiwada disclosed the latest development in a Statement on Tuesday in Abuja.
Maiwada said the suspension presents an opportunity to review the service’s revenue framework holistically.
The statement read, “The Nigeria Customs Service hereby announces the suspension of the implementation of four per cent Free-on-Board (FOB) value on imports as provided in Section 18(1)(a) of the Nigeria Customs Service 2023.
“This is the sequel to ongoing consultations with the Minister of Finance and Coordinating Minister of the Economy, Mr Olawale Edun, and other stakeholders.
“This suspension will enable comprehensive stakeholder engagement and consultations regarding the Act’s implementation framework.”
He added, “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 one per cent Comprehensive Import Supervision Scheme.
“This presents an opportunity to review our revenue framework holistically.”