The Federal Government has suspended the recently introduced four per cent Free on Board (FOB) levy on imported goods.
The suspension, with immediate effect, was announced in a memo signed by R. O. Omachi, Permanent Secretary, Special Duties, Office of the Minister of Finance and Coordinating Minister of the Economy.
Omachi said the decision followed consultations with stakeholders, trade experts and relevant government officials.
According to him, the levy posed significant challenges to trade facilitation and economic stability. He added that importers and business operators had expressed concerns over the financial burden, warning it could worsen inflation, weaken competitiveness, and hurt the business climate.
“The suspension will provide an opportunity for comprehensive stakeholder engagement and a thorough review of the levy’s framework and its broader economic implications,” the memo read.
Omachi noted that the ministry would work with the Nigeria Customs Service (NCS) and other parties to design a more balanced revenue structure that supports both government earnings and economic growth.
The Minister of Finance also serves as the Chairman of the Board of Customs.