Barely four days after former Senate President Bukola Saraki cautioned the federal government about the 4% Free-On-Board (FOB) levy, the Nigeria Customs Service (NCS) has suspended its implementation to allow for broader stakeholder consultations.
In a statement on Tuesday, Abdullahi Maiwasa, Assistant Comptroller of NCS, said the decision aligns with Section 18(1)(a) of the Nigeria Customs Service Act (NCSA) 2023 and follows ongoing consultations with Wale Edun, the Minister of Finance and Coordinating Minister of the Economy.
Saraki had warned that introducing the levy would further exacerbate economic hardship for Nigerians, a concern that appears to have influenced the decision to halt its rollout.
The customs authority emphasized that the suspension period will be used to review revenue frameworks, address funding gaps in customs modernization efforts, and optimize operational efficiencies.
The initial announcement of the levy on February 5 sparked widespread concerns, with Saraki and other stakeholders raising alarms over its potential impact on businesses and consumers.
