- The former senate president called on the federal government to urgently reconsider and suspend the policy.
Former senate president, Bukola Saraki, has expressed concerns about the Nigeria Customs Service’s new 4% free-on-board (FOB)levy.
In post via X on Saturday, Saraki questioned the timing of this new charge, warning that it could overwhelm businesses and consumers.
“With our annual imports estimated at N71 trillion, the new 4% customs administration charge on Free On Board (FOB) value will come to N2.84 trillion. Does this mean that the Customs Service requires an additional N2.84 trillion annually to do its job?”
Saraki also pointed out that the Customs Service already has a budget and receives incentives based on total customs duties collected.
He criticized the rising operational costs of the NCS, highlighting that it plans to “spend over $1.5 billion annually” despite the country’s high poverty rate and widespread business closures.
“Importers will inevitably pass these costs on to consumers, further straining the budgets of millions of struggling households,” he said.
Saraki emphasised that this new fee applies to all imports, not just luxury goods, which could lead to an 80% increase in administrative fees for some industries.
“How can this make sense or support the government’s policy of promoting the ease of doing business?”
Saraki urged the federal government to reconsider and suspend the policy, warning that it would harm Nigerians even more.
Discussion about this post