In a move widely applauded by industry stakeholders, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has ordered the immediate suspension of the 4% Free on Board (FOB) charge recently introduced by the Nigeria Customs Service on all imported goods.
The decision, conveyed through the Office of the Permanent Secretary, Finance (Special Duties), followed extensive consultations with trade experts, businesses, and relevant government agencies and reflects the government’s sensitivity to the concerns of importers and manufacturers who had warned that the levy would worsen the cost of doing business in Nigeria.
According to the Ministry, the suspension was necessary to prevent negative consequences such as higher inflation, reduced trade competitiveness, and a slowdown in economic activity.
Mr Wale Edun stressed that the wellbeing of businesses and the stability of the economy remain paramount in the government’s economic reform agenda.
“The suspension provides an opportunity for comprehensive stakeholder engagement and a thorough review of the levy’s framework and its broader economic implications,” the Ministry noted, adding that the goal is to devise a more equitable and efficient revenue structure that balances revenue generation with economic growth and stability.
The halted levy prioritises economic stability and business confidence, further reaffirming the President Tinubu administration’s commitment to transparent and inclusive reforms.