By George Ozalla
The Joint Committee on Customs and Excise of National Assembly has called for the immediate implementation of the 4% Free On Board (FOB) policy on Monday 21st July, 2025. The committee also directed the Nigeria Customs Service to submit monthly performance reports on the 2024 budget. This resolution followed an interactive session involving lawmakers, the Coordinating Minister of the Economy and Minister of Finance, Wale Edun, and the Comptroller-General of Customs, Bashir Adewale Adeniyi.
Chairman of the Committee, Senator Jibrin Isah, expressed concern over the low performance of capital, overhead, and personnel components of the 2024 budget. He emphasized the need for accountability and full adherence to laws enacted by the National Assembly. Edun explained that the delayed implementation of the 4% FOB policy stemmed from demands by stakeholders for broader consultations. Comptroller-General Adeniyi stated that failure to fully implement the FOB policy hindered budget performance.
However, the Nigeria Customs Service announced the suspension of the implementation of the 4% FOB charge on imports on July 20, 2025. This suspension is to enable comprehensive stakeholder engagement and consultations regarding the Act’s implementation framework. The timing of this suspension aligns with the exit of a contract agreement with service providers like Webb Fontaine. The Nigeria Customs Service remains committed to implementing the provisions of the Act in a manner that best serves stakeholders while fulfilling revenue generation and trade facilitation mandate.
