Tag: Levies

Broadcast media owners move to challenge ‘hidden’ 4% levy

Aminu Imam
Broadcast media owners

…Plans appeal to NASS Broadcast media operators across Nigeria are mobilising to formally challenge a controversial 4% development levy embedded in the country’s newly introduced tax regime, warning that the charge could further strain an industry already battling high operating costs. In a press statement issued yesterday, indigenous terrestrial and satellite television channels, alongside AM and FM radio stations, disclosed plans to write to the 10th National Assembly (NASS) demanding the expungement of what they described as an “illegally buried” levy in the new tax laws. The broadcasters said uncertainty…

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FG suspends 15% import duty on petrol, diesel 

Aminu Imam
FG suspends

The Federal Government, under President Bola Ahmed Tinubu, has suspended the planned 15% import duty on imported Premium Motor Spirit (PMS), otherwise known as petrol, and diesel. The Director, Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Public Affairs Department, George Ene-Ita, made this known in a statement yesterday. Ene-Ita said; “It should also be noted that the implementation of the 15 percent ad-valorem import duty on imported PMS and diesel is no longer in view”. NMDPRA also assured all that there is an adequate supply of petroleum products in…

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Tinubu approves 15% import duty on petrol, diesel amid growing backlash

Aminu Imam
Tinubu approves import duty

President Bola Ahmed Tinubu has approved the introduction of a 15 percent ad-valorem import duty on petrol and diesel imports into Nigeria – a policy aimed at protecting local refineries and stabilising the downstream petroleum market. The directive, contained in a letter dated October 21, 2025, made public on Wednesday, was addressed to the Federal Inland Revenue Service (FIRS) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). It was signed by the President’s Private Secretary, Damilotun Aderemi, following a proposal from FIRS Executive Chairman, Zacch Adedeji. According to…

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FG suspends 4% FOB levy on imported goods

Aminu Imam
FG suspends levy

The Federal Government has suspended the newly-introduced free on board (FOB) levy collected by the Nigeria Customs Service (NCS) on imported goods with immediate effect. The directive, issued in a letter on Monday from Wale Edun, the Minister of Finance and corresponding chairman of the Nigeria Customs Service Board, was addressed to the Comptroller-General of the Nigeria Customs Service. It states that the suspension follows extensive consultations with stakeholders, including trade experts and government officials. According to the ministry, the 4% FOB charge presented “significant challenges to the Nigerian trade…

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Obi slams FG over new 5% fuel tax

Aminu Imam
Obi slams FG

…Says Nigerians ‘can’t breathe’  Former presidential candidate of the Labour Party, (LP), Peter Obi, has criticised the Federal Government over its decision to introduce a 5 percent tax on all refined fossil fuel sales, including petrol and diesel, from January 2026. In a post on his official X handle yesterday, Obi described the move as ill-timed and insensitive, questioning why citizens who are already struggling should face additional financial burdens. Obi wrote: “When will Nigerians truly breathe? A timely and relevant question, as a new 5% tax on all refined…

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“Truck drivers spend over N450,00 as levies transporting food from North” Presidential C’ttee Chair

Aminu Imam
Presidential C'ttee Chair

Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has disclosed that a truck driver spends more than N450,000 as levies to transport food items such as yams from the northern part of the country to the South. Oyedele, who shared this information while speaking at the 2024 Annual Cooperate Forum hosted by Access Bank in Lagos, said the multiplicity in taxes, most of which are not official have added to the high prices of goods and services in the country. According to the committee Head,…

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