Nigerian Government Halts 4% FOB Levy on Imported Goods
The Nigerian Federal Government has suspended the 4% Free on Board (FOB) levy on imported goods following concerns raised by industry stakeholders and trade experts. The directive, communicated via a letter signed by the Permanent Secretary of Special Duties at the Federal Ministry of Finance, aims to prevent increased costs for importers, maintain trade competitiveness, and avoid inflationary pressures on the economy.
The suspension provides an opportunity for a comprehensive review of the levy framework to ensure fair and efficient revenue collection while supporting business stability and economic growth. Customs officials are instructed to comply strictly with the directive as the government engages with stakeholders to develop a balanced revenue collection system.
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