Tag: Custom duties

Ex-Senate President, Saraki slams FG over Custom’s 4% FOB import levy 

Aminu Imam
Saraki slams FG2

Former President of the Senate, Dr. Abubakar Bukola Saraki, has criticised the Federal Government over its newly introduced 4% Customs administration charge on the Free-On-Board (FOB) value of imports, warning that it will worsen economic hardship for Nigerians. In a statement posted on his official X handle yesterday, Saraki expressed strong opposition to the policy, highlighting the financial burden it would place on businesses and households. “With our annual imports estimated at ₦71 trillion, the new 4% Customs administration charge on Free On-Board (FOB) value will come to ₦2.84 trillion.…

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Naira weakens, as Customs FX duty rate hits N1,373

Aminu Imam
Forex naira

As the Nigerian currency, the Naira, slumped further against the United States dollar in the foreign exchange market, the exchange rate for computing import duties at the nations seaports has increased by 3.5 percent. Recall that the Central Bank of Nigeria, (CBN), raised the Customs FX duty rate from N1,327.35/$ to N1,373.646/$ on Tuesday, according to the information obtained from the official trade portal of the Nigeria Customs Service. This represents a 3.5 percent increase in rate, when compared to the old rate of N1,327.35/$ used for the opening of…

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30 of 65 private jets in Nigeria owe Customs’ duties – Official

Aminu Imam

The Nigeria Customs Service says 30 out of 65 private airplanes verified so far are liable to pay required duties to the Federal Government. The Customs Public Relations Officer, Joseph Attah, made this known while speaking with newsmen in Abuja yesterday. Attah explained that some of these airplanes came into the country by Temporary Importation agreement, which allows them to bring the jets without payment because they were secured by a bond. He said, thereafter, many of them failed to turn up to pay on the expiration of the agreement,…

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