The Nigeria Customs Service (NCS) says it will implement a 4 percent charge on the free-on-board (FOB) value of imports.
FOB is when the seller is responsible for delivering the goods to the port of departure, clearing it for export and loading the goods on the vessel.
Once the goods are on the vessel, the risk transfers from the seller to the buyer, who is then responsible for all costs thereafter.
In a statement on Wednesday, Abdullahi Maiwada, NCS national public relations officer, said the directive aligns with the provisions of the Nigeria Customs Service Act (NCSA) 2023.
“In line with the provisions of Section 18 (1) of NCSA 2023, the NCS is implementing a 4 percent charge on the Free On-Board (FOB) value of imports,” Maiwada said.
“The FOB charge, which is calculated based on the value of imported goods, including cost of goods and transportation expenses incurred up to the port of loading, is essential to driving the effective operation of the service.
“Furthermore, the NCS acknowledges concerns raised by stakeholders over the sustained collection of 1 percent Comprehensive Import Supervision Scheme (CISS) fee.
“It is a regulatory charge imposed for funding Nigeria’s Destination Inspection Scheme alongside the 4 percent FOB charge.
“As a responsive government agency, the service wishes to assure the general public that extensive consultation is ongoing with the federal ministry of finance to address all agitations raised by our esteemed stakeholders.”
Maiwada urged all stakeholders to comply with the directive, which was conceived after extensive consultation with relevant stakeholders and organisations.
“All stakeholders are urged to support this legally binding initiative,” he said.
“As the measures introduced in alignment with the NCSA 2023, reflects a balanced approach born out of extensive consultations with industry players, importers, and regulatory bodies.”
He also described the contribution of stakeholders in shaping and actualising the NCSA 2023 as invaluable.
“Their insights, expertise, and unwavering commitment have been instrumental in ensuring a robust legal framework that enhances efficiency, promotes innovation and strengthens transparency in customs operations,” he added.
The customs official said under the leadership of Adewale Adeniyi, the comptroller-general, the service remains committed to transparency, fair trade practices, and efficient revenue management.(The Cable)
