The Nigeria Customs Service (NCS) has announced the suspension of the
\nimplementation of 4% Free-on-Board (FOB) value on imports as provided in Section
\n18(1)(a) of the Nigeria Customs Service (NCSA) 2023.
\nThe Service said this is sequel to ongoing
\nconsultations with the Honourable Minister of Finance and Coordinating Minister
\nof the Economy, Mr Olawale Edun and other Stakeholders.<\/p>\n
According NCS, this suspension will enable comprehensive stakeholder engagement and
\nconsultations regarding the Act’s implementation framework. It noted that the timing of this
\nsuspension aligns with the exit of the contract agreement with the Service providers,
\nincluding Webb Fontaine, which were previously funded through the 1%
\nComprehensive Import Supervision Scheme (CISS). “This presents an opportunity to
\nreview our revenue framework holistically”, the statement signed by the National Public Relations Officer, AC Maiwaida said.<\/p>\n
“Under the previous funding arrangement repealed by the NCSA 2023,
\nseparating the 1% CISS and 7% cost of collection created operational inefficiencies
\nand funding gaps in customs modernisation efforts. The new Act addresses these
\nchallenges by consolidating “not less than 4% of the Free-on-Board value of
\nimports,” designed to ensure sustainable funding for critical customs operations and
\nmodernisation initiatives. This transition period will allow the Service to optimise
\nthe management of these frameworks to serve our stakeholders and the nation’s
\ninterests better,” it further added.<\/p>\n
The statement explained that the Act further empowers the Service to modernise its operations through
\nvarious technological innovations. Specifically, Section 28 of the NCSA 2023
\nauthorises developing and maintaining electronic systems for information exchange
\nbetween the Service, Other Government Agencies, and traders. The Service is
\nalready implementing several digital solutions, including the recently deployed
\nB\u2019Odogwu clearance system, which stakeholders are benefiting from through faster
\nclearance times and improved transparency. Other innovative solutions authorised
\nby the Act include; Single Window implementation (Section 33), Risk management
\nsystems (Section 32), Non-intrusive inspection equipment (Section 59) and
\nElectronic data exchange facilities (Section 33(3)).<\/p>\n
“The suspension period will allow the Service to further engage with
\nstakeholders while ensuring proper alignment with the Act’s provisions for
\nsustainable funding of these modernisation initiatives.<\/p>\n
“The NCS remains committed to implementing the provisions of the Act in a
\nmanner that best serves our stakeholders while fulfilling our revenue generation and
\ntrade facilitation mandate. We will communicate the revised implementation
\ntimeline following the conclusion of stakeholder consultations,” it added.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Nigeria Customs Service (NCS) has announced the suspension of the implementation of 4% Free-on-Board (FOB) value on imports as provided in Section 18(1)(a) of the Nigeria Customs Service (NCSA) 2023. The Service said this is sequel to ongoing consultations with the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Olawale Edun […]<\/p>\n","protected":false},"author":2,"featured_media":7112,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-7378","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-news"],"_links":{"self":[{"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/posts\/7378","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/comments?post=7378"}],"version-history":[{"count":1,"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/posts\/7378\/revisions"}],"predecessor-version":[{"id":7379,"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/posts\/7378\/revisions\/7379"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/media\/7112"}],"wp:attachment":[{"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/media?parent=7378"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/categories?post=7378"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/tags?post=7378"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}