Connect with us

BIG STORY

Importers To Pay More As Customs Introduces 4% FOB Levy

Published

1 month ago

on

The Nigeria Customs Service (NCS) has announced that it will enforce a 4 percent charge on the “free-on-board” (FOB) value of imports.

“FOB” refers to the arrangement where the seller is responsible for delivering the goods to the port of departure, clearing them for export, and loading the goods onto the vessel. Once the goods are on the vessel, the risk transfers from the seller to the buyer, who then assumes responsibility for all subsequent costs.

In a statement released on Wednesday, Abdullahi Maiwada, NCS national public relations officer, confirmed that the directive is in line with the provisions of the “Nigeria Customs Service Act” (NCSA) 2023.

“In line with the provisions of Section 18 (1) of NCSA 2023, the NCS is implementing a 4 percent charge on the “Free On-Board” (FOB) value of imports,” Maiwada stated.

“The FOB charge, which is calculated based on the value of imported goods, including the cost of goods and transportation expenses incurred up to the port of loading, is essential for driving the effective operation of the service.”

“Furthermore, the NCS acknowledges concerns raised by stakeholders over the continued collection of the 1 percent “Comprehensive Import Supervision Scheme” (CISS) fee.”

“It is a regulatory charge imposed for funding Nigeria’s Destination Inspection Scheme alongside the 4 percent FOB charge.”

“As a responsive government agency, the service wishes to assure the general public that extensive consultation is ongoing with the federal ministry of finance to address all agitations raised by our esteemed stakeholders.”

Maiwada urged all stakeholders to comply with the directive, which was conceived after thorough consultation with relevant stakeholders and organizations.

“All stakeholders are urged to support this legally binding initiative,” he emphasized.

“As the measures introduced in alignment with the NCSA 2023 reflect a balanced approach born out of extensive consultations with industry players, importers, and regulatory bodies.”

He also acknowledged the valuable contribution of stakeholders in shaping and actualizing the NCSA 2023.

“Their insights, expertise, and unwavering commitment have been instrumental in ensuring a robust legal framework that enhances efficiency, promotes innovation, and strengthens transparency in customs operations,” he added.

The customs official reiterated that under the leadership of Adewale Adeniyi, the comptroller-general, the service remains dedicated to transparency, fair trade practices, and efficient revenue management.

Post Views: 77
Related Topics:
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

BIG STORY

BREAKING: Nigeria’s Inflation Rate Drops To 23.18%

Published

3 hours ago

on

March 17, 2025

By

The National Bureau of Statistics (NBS) has reported a decrease in Nigeria’s inflation rate, which fell to 23.18% in February from 24.48% in January.

The announcement was made in the February 2025 Consumer Price Index (CPI) released by the NBS on Monday.

According to the bureau, the headline inflation rate in February increased slightly by “1.30% points when compared to the January 2025 headline inflation rate.”

The NBS stated:

“In February 2025, the Headline inflation rate eased to 23.18% relative to the January 2025 headline inflation rate of 24.48%.”

“Looking at the movement, the February 2025 Headline inflation rate showed a decrease of 1.30% compared to the January 2025 Headline inflation rate.”

On a year-on-year basis, the headline inflation rate was 8.52% lower than the 31.70% recorded in February 2024.

The NBS further noted:

“This shows that the Headline inflation rate (year-on-year basis) decreased in February 2025 compared to the same month in the preceding year (i.e., February 2024), though with a different base year, November 2009 = 100.”

Additionally, the month-on-month inflation rate for February 2025 was recorded at 2.04%.

 

More to come…

Post Views: 30
Continue Reading

BIG STORY

Rivers Assembly Accuses Fubara, Deputy Of Misconduct, Issues Notice

Published

7 hours ago

on

March 17, 2025

By

The Rivers State House of Assembly has issued a notice accusing Governor Siminalayi Fubara and his deputy, Ngozi Odu, of alleged misconduct.

A total of twenty-six members of the assembly made these allegations against Fubara in a notice submitted to Speaker Martin Amaewhule on Monday.

According to the lawmakers, their actions are based on “Section 188 of the Constitution of the Federal Republic of Nigeria, 1999 (as amended) and other existing laws.”

They accused Fubara of various offenses, including unconstitutional and reckless spending of public funds, hindering the Assembly’s activities, and appointing individuals to government positions without undergoing the required screening and confirmation.

Additional allegations include withholding salaries, allowances, and funds designated for the Rivers State House of Assembly, as well as blocking the salary of Clerk Emeka Amadi.

The lawmakers also accused Deputy Governor Ngozi Odu of “conniving and supporting the illegal appointment of persons to government positions without the required screening and confirmation.”

After receiving the notice, Amaewhule forwarded it to Fubara, stating that the allegations had been brought forward by “not less than one-third (1/3) of the membership of the Rivers State House of Assembly.”

He then urged the governor to respond to the allegations, citing Section 188(3) of the Constitution, which states, “Within 14 days of the presentation of the notice to the Speaker of the House of Assembly (whether or not any statement made by the holder of the office in reply to the allegation contained in the notice), the House of Assembly shall resolve by motion, without any debate, whether or not the allegation shall be investigated.”

Amaewhule further advised the governor to take appropriate action and extended his “esteemed regards.”

Post Views: 43
Continue Reading

BIG STORY

BREAKING: Lagos Court Orders Oba Otudeko To Appear For ‘N30bn Fraud’ Trial

Published

9 hours ago

on

March 17, 2025

By

The Federal High Court in Lagos has instructed Oba Otudeko to appear before the court and enter a plea in response to the charges filed by the Economic and Financial Crimes Commission (EFCC).

The directive was issued on Monday by Justice Chukwujekwu Aneke.

The EFCC had previously filed a 13-count charge against Otudeko and three others over an alleged N30 billion loan fraud.

During the proceedings, the judge ruled that Otudeko must take his plea before the court could address an application contesting its jurisdiction in the matter.

The case has been adjourned to May 8.

 

More to come…

Post Views: 45
Continue Reading

 

Join Us On Facebook

Most Popular