Based on the Free On-Board (FOB) value of imports, the Nigeria Customs Service (NCS) has announced the implementation of a 4 percent fee.
According to reports, the service’s spokesperson, Abdullahi Maiwada, made the announcement in a statement that was made accessible to reporters in Abuja on Wednesday.
Maiwada explained that the Nigeria Customs Service Act (NCSA) 2023’s requirements are met by this project.
The NCS will impose a 4 percent fee on the FOB value of imported products in accordance with Section 18 (1) of the NCSA 2023.
This FOB price is essential to the smooth operation of the service and is based on the total value of the imported products, which includes the cost of the goods as well as the transportation costs up to the loading port.
The NCS also acknowledges the worries stakeholders have voiced about the continuous collection of the 1 percent Comprehensive Import Supervision Scheme (CISS) fee.
In addition to the 4% FOB tax, it is a regulation fee levied to finance Nigeria’s Destination Inspection Scheme.
In order to address all concerns expressed by our esteemed stakeholders, the service is in constant conversation with the Federal Ministry of Finance, as a responsive government agency, Maiwada stated.
He called on all parties involved to abide by the directive, which was developed following in-depth discussions with pertinent parties and organizations.
Support for this legally obligatory initiative is requested from all parties involved.
He added, “The measures introduced in alignment with the NCSA 2023 reflect a balanced approach born out of extensive consultations with industry players, importers, and regulatory bodies.” He also praised the crucial role that stakeholders played in helping to shape and implement the NCSA 2023.
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Their knowledge, experience, and unwavering commitment have been invaluable in creating a solid legal framework that enhances productivity, encourages creativity, and increases openness in customs operations.
Maiwada underlined that the agency is committed to maintaining openness, fair trading practices, and efficient revenue management under the direction of Comptroller-General Adewale Adeniyi.
