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Customs’ 4% FOB levy will further increase inflation – Experts

The Nigeria Customs Service has introduced a 4% Free On-Board charge on all imports, which has drawn criticism from manufacturers and economists for potentially worsening inflation in the country.
Experts argue that the increased charges will lead to higher consumer prices, further straining household budgets already facing financial difficulties.
Dr. Eugene Nweke highlighted the burden of existing import charges, stating that the new fee adds significant costs for businesses reliant on imported goods.
Abdullahi Maiwada, spokesman for the Nigeria Customs Service, defended the charge as necessary for effective operations, citing the Nigeria Customs Service Act 2023.

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Daily Trust

Manufacturers, others decry new 4% levy on imports - Daily Trust

Say it can raise inflation higher Saraki faults action Customs explains policy From Abdullateef Aliyu, Eugene Agha, Peter Moses (Lagos) & Philip Shimnom Clement (Abuja) The imposition of a four per cent increase in charges on all consignments imported into the country by the Nigeria Customs Service (NCS), last week, drew disapproval from manufacturers, economists and other stakeholders at the weekend. The stakeholders said the hike could p…

13 days ago

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Punch Newspapers

Customs FOB charge to impose N2.84tn burden – NECA

The Nigeria Employers’ Consultative Association has warned that the newly introduced four per cent Free On-Board valuation on imports by the Nigeria Customs Service will impose an additional N2.84tn in costs on businesses, worsening economic hardship for Nigerians. In a statement on Sunday, Director-General of NECA, Adewale Oyerinde said that with the country’s annual imports

13 days ago

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Businessday NG

4% FOB levy will hurt consumers, strain household budgets – Saraki - Nigeria News Update

Bukola Saraki, Nigeria’s former senate president has called on the federal government to reconsider plans to implement the 4 percent read more 4% FOB levy will hurt consumers, strain household budgets – Saraki

14 days ago·Lagos, Nigeria

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Newsdiaryonline

Customs’ 4% FOB levy will further increase inflation – financial experts

Financial experts have raised alarm that the implemention of the 4 per cent Free-On-Board (FOB) Levy on imports would exacerbate inflation in the country. By Ige Adekunle Financial experts have raised alarm that the implemention of the 4 per cent Free-On-Board (FOB) Levy on imports would exacerbate inflation in the country. The News Agency of Nigeria (NAN) report that the Nigeria Customs Service (NCS) on Feb. 5 announced its introduction of the …

13 days ago

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National Daily Newspaper

Experts warn 4% free-on-board (FOB) levy could exacerbate inflation in Nigeria

Financial experts have raised concerns that the recent implementation of a 4% Free-On-Board (FOB) levy on imports could worsen inflation in Nigeria. On February 5, the Nigeria Customs Service (NCS) announced the introduction of the FOB levy, which, according to Abdullahi Maiwada, the service’s spokesman, is in line with the provisions of the Nigeria Customs Service Act (NCSA) 2023. “In line with Section 18 (1) of the NCSA 2023, the NCS is implem…

13 days ago

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brandeconomy.com.ng

NECA condemns new FOB import levy, demand reversal

The Nigeria Employers’ Consultative Association (NECA) has demanded a reversal of the four per cent charge on the Free on Board (FOB) value of imports by the Nigeria Customs Service (NCS). NECA’s Director-General, Mr Adewale-Smatt Oyerinde, made the call in a statement on Sunday. BRANDECONOMY reports that NCS spokesman, Mr Abdullahi Maiwada, announced on Feb. …

13 days ago

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