The Nigeria Customs Service (NCS) has announced the suspension of the 4 percent fee based on the Free On-Board (FOB) value of imports.
The suspension was made known in a statement in Abuja on Tuesday by the Customs National Public Relations Officer, Abdullahi Maiwada.
He said the suspension is based on the need to engage in further consultations with stakeholders, including the Minister of Finance and Coordinating Minister of the Economy, Olawale Edun.
According to the customs spokesperson, the suspension of the policy will ensure wider consultations on the framework for the policy’s implementation.
“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,” the statement read.