The Nigerian Customs Service, NCS, has suspended the implementation of its contentious 4% Free-on-Board levy following strong opposition from stakeholders in the trade sector.
The policy, widely criticised as an additional financial strain on businesses already grappling with soaring operational costs and rising inflation, has been put on hold as authorities engage in further consultations.
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In a statement on Tuesday, the NCS described the suspension as part of ‘ongoing consultations’ with the Minister of Finance, Mr Wale Edun, and other key stakeholders.
Customs officials say the pause will allow for a reassessment of the service’s funding framework, with a view to ‘optimising the management of these frameworks’ before any further implementation.
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