By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Apex NewsApex News
Notification Show More
Latest News
IMO Applauds Nigeria’s Maritime Security Gains, Deep Blue Project, And Blue Economy Policy
Maritime Agencies
Abuja’s Centrality, Agro-Allied Potentials Strategic To Boosting Nigeria’s Non-Oil Revenue,Says Dantsoho, NPA MD
Maritime Agencies
NPA Assures Continuous Promotion Of Port Eco-Friendliness
Maritime Agencies
FG Urges Innovative Financing To Drive Marine and Blue Economy
Maritime Agencies
World Maritime Day: Oyetola Harps On Ocean Stewardship, Highlights Blue Economy Potential
Maritime Agencies
Aa
  • Home
  • News
  • Business
  • Maritime
  • Politics
  • Sports
  • Personality Interviews
  • Features
  • Photospeak
  • Interview
Reading: Ongoing Consultations Necessitated Suspension Of 4% FOB Charge -NCS
Share
Aa
Apex NewsApex News
  • Home
  • News
  • Maritime
  • Business
  • Politics
  • Features
  • Sports
  • Interview
  • Personality Interviews
  • Photospeak
Search
  • Home
  • News
  • Maritime
  • Politics
  • Sports
  • Business
  • Features
  • Photospeak
  • Interview
  • Personality Interviews
Follow US
  • Privacy Policy
  • About Us
  • Advert Rate
© Apex News. All Rights Reserved | Site Developed by OutsourceNow.ng
Apex News > Uncategorized > Ongoing Consultations Necessitated Suspension Of 4% FOB Charge -NCS
Uncategorized

Ongoing Consultations Necessitated Suspension Of 4% FOB Charge -NCS

Admin
Last updated: 2025/02/12 at 6:00 PM
8 months ago 3 Min Read
Share
3 Min Read
SHARE

By Andrew Utulu

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.

This, according to the Service was sequel to ongoing consultations with the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Olawale Edun and other Stakeholders.

Abdullahi Maiwada, National Public Relations Officer of NCS disclosed in statement.

Maiwada, an Assistant Comptroller of Customs said the suspension would enable comprehensive stakeholder engagement and consultations regarding the Act’s implementation framework.

He said the timing of this suspension aligned 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, according to him, presents an opportunity to review “our revenue framework holistically.

“Under the previous funding arrangement repealed by the 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.”

Maiwada added that the Act further empowers the Service to modernise its operations through various technological innovations. “Specifically, Section 28 of the NCSA 2023 authorises developing and maintaining electronic systems for information exchange between the Service, other Government Agencies, and traders. The Service is already implementing several digital solutions, including the recently deployed B’Odogwu clearance system, which stakeholders are benefiting from through faster clearance times and improved transparency. Other innovative solutions authorised by the Act include Single Window implementation (Section 33), Risk management systems (Section 32), Non-intrusive inspection equipment (Section 59) and electronic data exchange facilities (Section 33(3).

“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.

“The NCS remains committed to implementing the provisions of the Act in a manner that best serves our stakeholders while fulfilling our revenue generation and trade facilitation mandate. We will communicate the revised implementation timeline following the conclusion of stakeholder consultations.”

 

You Might Also Like

Compt Anani Tasks PTML Stakeholders On Compliance, Pledges Open Door Policy

Comptroller Adenuga Becomes New     Customs Area Controller At Seme Border Command

 How ACG Olomu’s Leadership At Apapa Port Powered Customs’ Record N3.7trn Revenue Surge

B’Odogwu Platform: Customs Generated N161bn At Apapa Premier Port In Three Weeks

 War Against Smuggling: Shuaibu Make Massive Seizures, Arrest 13 Suspects At FOU Zone ‘A’  

TAGGED: Abdullahi Maiwada, Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Olawale Edun, National Public Relations Officer of NCS, Nigeria Customs Service
Admin February 12, 2025
Share this Article
Facebook Twitter Email Print
Previous Article Apapa-Moniya Standard Gauge: APM Terminals Sets Sights On Sustained Schedule
Next Article PTML Terminal Receives MV Great Cotonou, First Direct Ship From China To Lagos
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Trending

IMO Applauds Nigeria’s Maritime Security Gains, Deep Blue Project, And Blue Economy Policy
Maritime Agencies
Abuja’s Centrality, Agro-Allied Potentials Strategic To Boosting Nigeria’s Non-Oil Revenue,Says Dantsoho, NPA MD
Maritime Agencies
NPA Assures Continuous Promotion Of Port Eco-Friendliness
Maritime Agencies
FG Urges Innovative Financing To Drive Marine and Blue Economy
Maritime Agencies
World Maritime Day: Oyetola Harps On Ocean Stewardship, Highlights Blue Economy Potential
Maritime Agencies
Dantsoho Pledges Globally Competitive, Digitally Driven Port System For Nigeria Before UN Assembly
Maritime
Customs Moves To Scan 200 Containers Per Hour At Apapa Command
Customs
Roadmap For Electrification: APM Terminals Signs MOU With NPA In New York
Maritime
Compt  Eldedouk Decorates AC Francis Ogbemudia With New Rank
Customs

© Apex News. All Rights Reserved | Site Developed by OutsourceNow.ng

  • Privacy Policy
  • About Us
  • Advert Rate

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?