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Following anger by stakeholders, the Minister of Finance and Coordinating Minister for Economic, Wale Edun has directed that Nigeria Customs and Excise Service Supervisors, Bashir Adewale Adeniyi, suspended the implementation of Levy Free (FOB) 4% on a ship (FOB).
Ripples Nigeria reported that the new Customs and Excise re -introduced the fee of 4 percent free on the ship (FOB) on imports.
However, the introduction of levies triggers concerns from relevant stakeholders such as the Nigerian producer association (MAN), which increases the alarm that the levy, which applies to the value of all imports, will further increase the cost of raw materials and machines that are not available locally and as a result of raising the price of products in the market, triggering further inflation.
In the construction of a welcome to strengthen the narrative that the economic agenda of President Tinubu Progressive and ensured that government policies encourage sustainability, ministers after a broad consultation have ordered the suspension of levies.
According to a circular dated 15 September 2025 from Minister to CG, he directed that levies were suspended because they increased concerns about increasing financial burdens of levies imposed, with potential side effects on inflation, trade competitiveness, and overall business climate in Nigeria.
The circular reads, “Based on the power given to the honorable Minister of Finance and the Minister of Coordinating Economics based on the ILL section, Section 12 of the Nigeria Customs Service Act, 2023 as Chairman of the Nigerian Customs Services Service Council, I wrote to direct the suspension immediately from the implementation of the new 4% FOB FOB (FOB).
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“Following extensive consultations with industrial stakeholders, trade experts, and relevant government officials, it has become clear that the implementation of 4% FOB costs has caused significant challenges to the facilitation of Nigerian trade, the environment and economic stability. inflation, trade trade, trade attractiveness, trading attractiveness, trading attractiveness, trade attractiveness, trading attractiveness, trade levies, trade levies, with adverse effects on inflation, trade trade, trade, trade attractiveness, trade attractiveness, trade attractiveness, trade impacts, trade trade, business attractiveness subject to this levy.
“This suspension will provide opportunities for the involvement of comprehensive stakeholders and comprehensive reviews or broader frameworks and implications. The Ministry of Finance hopes to work together with services and all relevant parties to compile a fairer and more efficient income structure that supports the generation of income and economic growth and stability.” “Make sure the compliance is tight,” he said.
By: Babajide Okeowo
