FG Halts Customs 4% FOB Levy to Review Economic Impact on Nigeria

The Nigerian government has suspended the four percent FOB levy recently imposed on imported goods by the Nigeria Customs Service. The Federal Government announced the immediate suspension, citing concerns raised by importers and businesses about the levy's impact on trade facilitation, economic stability, and inflation.

The decision aims to allow for a thorough review of the levy's economic implications and its effect on government revenue and economic stability. The Ministry of Finance plans to collaborate with the Customs Service and other stakeholders to develop a balanced revenue structure that ensures sustainable income for the government and supports economic growth.