Breaking: Massive jubilation as Nigerian Customs suspends enforcement of 4 percent free-on-board value on imported goods, read announcement

• The Nigerian Customs Service has suspended the enforcement of the controversial four per cent free-on-board value on imports
• The 4 percent free-on-board value on imported goods, outlined in Section 18(1)(a) of the Nigeria Customs Service Act 2023, had generated concerns among businesses already facing elevated operating expenses
• Abdullahi Maiwada, the Customs national public relations officer (PRO), noted that the suspension provides an opportunity to reassess the revenue framework of the service comprehensively

Legit.ng journalist Ridwan Adeola Yusuf has over 9 years of experience covering public affairs and governance in Nigeria.

FCT, Abuja - The Nigeria Customs Service (NCS) has suspended the enforcement of the 4 percent free-on-board value on imported goods.

Dada Olusegun, the special assistant to President Bola Ahmed Tinubu on social media, shared this update via his verified X (formerly Twitter) handle on Tuesday, February 11.

The presidential aide shared a recent press release signed by Abdullahi Aliyu Maiwada, the spokesperson of the NCS. In the document, the NCS acknowledged the "strategic role" of stakeholders towards the emergence and implementation of the NCS Act 2023.

More to come...

Source: Legit.ng