General
Customs Suspends 4% FOB Levy on Imports for Wider Deliberations
By Adedapo Adesanya
The Nigeria Customs Service has suspended the implementation of the 4 per cent Free-on-Board (FOB) value on imports following a series of blowbacks from key stakeholders.
According to a statement signed by the Customs’ spokesman, Mr Abdullahi Maiwada, the suspension will enable comprehensive engagement and consultations between the Minister of Finance, Mr Wale Edun and other stakeholders.
The FOB, which is a 4 per cent charge on imported goods, was meant to replace an older system where companies like Webb Fontaine handled import inspections for a 1 per cent fee. The move sparked heavy criticism from stakeholders like the Nigeria Employers’ Consultative Association (NECA).
According to NECA, the Nigerian business environment already struggles with multiple taxes, unpredictable policies, and economic challenges coupled with unsold inventories and growing unemployment, pleading that policies should “support businesses, not further suffocate them.”
“The timing of this suspension aligns with the exit of the contract agreement with the Service providers, including Webb Fontaine, which were previously funded through the 1% Comprehensive Import Supervision Scheme (CISS). This presents an opportunity to review our revenue framework holistically,” Mr Maiwada said.
“Under the previous funding arrangement repealed by the Nigeria Customs Service Act (NCSA) 2023, separating the 1% CISS and 7% cost of collection created operational inefficiencies and funding gaps in customs modernisation efforts.
“The new Act addresses these challenges by consolidating “not less than 4% of the Free-on-Board value of imports,” designed to ensure sustainable funding for critical customs operations and modernisation initiatives. This transition period will allow the Service to optimise the management of these frameworks to serve our stakeholders and the nation’s interests better,” he added.
“The suspension period will allow the Service to further engage with stakeholders while ensuring proper alignment with the Act’s provisions for sustainable funding of these modernisation initiatives.
“We will communicate the revised implementation timeline following the conclusion of stakeholder consultations,” he said.
By Dipo Olowookere
The Awujale of Ijebuland, Sikiru Kayode Adetona, has died at the age of 91, reports reaching Business Post say.
It was gathered that the prominent Ijebu monarch died on Sunday on a day one of his longtime allies, Mr Muhammadu Buhari, died in a London clinic.
The traditional ruler was not present at the popular Ojude Oba held in Ijebu Ode last month, as he was represented by his wife.
Born on May 10, 1934, he became the Awujale on April 2, 1960, making him one of the longest reigning monarchs in Nigeria.
By Modupe Gbadeyanka
Nigeria’s Vice President, Mr Kashim Shetima, has been directed by his boss, President Bola Tinubu, to travel to the United Kingdom to accompany the remains of former President Muhammadu Buhari to Nigeria.
This directive was announced by the Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, in a statement on Sunday in Abuja.
Mr Buhari died in a London clinic on Sunday and in the statement, Mr Tinubu offered his deep condolences to the family of his predecessor, especially the window, Mrs Aisha Buhari.
“President Tinubu has spoken with Mrs Aishat Buhari, the former President’s widow and offered his deep condolences.
“President Tinubu has also ordered Vice President Kashim Shettima to proceed to the United Kingdom to accompany President Muhammadu Buhari’s body back to Nigeria,” a part of the statement said.
President Tinubu has ordered flags at half-staff as a mark of respect for the departed leader.
By Dipo Olowookere
The immediate past president of Nigeria, Mr Muhammadu Buhari, has died, his former spokesman, Mr Garba Shehu, has confirmed.
The Katsina State-born former military officer and politician breathed his last on Sunday after he was admitted in a clinic in London, the United Kingdom.
“The family of the former president has announced the passing of the former president, Muhammadu Buhari, this afternoon in a clinic in London. May Allah accept him in Aljannatul Firdaus, Amin,” Mr Shehu announced on Sunday evening.
The deceased first ruled the country from 1983 to 1985 as a military Head of State, and then elected as a civilian president from 2015 to 2023.
After he left office on May 29, 2023, he moved to the UK and later relocated to Kaduna State from Daura, Katsina.
Some days ago, it was reported that he was ill and was taking treatment in a London health facility. He could not attend the book launch of Mr Shehu on Wednesday in Abuja.
On Friday, Mr Shehu, during a programme, Politics Today, aired on Channels Television and monitored by Business Post, the former presidential spokesperson said his former boss was recuperating in London.
While in office, Mr Buhari was a frequent visitor to the UK for medical treatment.
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