Business
Just In: Nigeria Customs suspends implementation of 4% FOB Levy
Maiwada explained that “This suspension will enable comprehensive stakeholder engagement and consultations regarding the Act’s implementation framework.

The Nigeria Customs Service (NCS), has suspended implementation of the 4 percent levy on the Free On-Board (FOB) value of imports.
The Spokesman of the service, Abdullahi Maiwada, made this known in a statement on Tuesday in Abuja.
Maiwada explained that “This suspension will enable comprehensive stakeholder engagement and consultations regarding the Act’s implementation framework.
Ohibaba.com reports earlier that NCS on Feb.5 announced that it was implementing a 4 percent charge on the FOB value of imports.
The announcement received criticism from the private sector operators, the like of the Manufacturers Association of Nigeria, the Lagos Chamber of Commerce and Industry, etc, calling for its suspension because of the negative effects on trade facilitation, Manufacturers and other stakeholders in the port system.
Dr Chinyere Almona, Director-General of the Lagos Chamber of Commerce and and Industry, said the implementation was abrupt and lacked due consultation with stakeholders, as required by the provisions of the NCSA 2023.
Read Also: Man-accuses-ncs-npa-not-giving-priority-to-trade-facilitation/
According to Maiwada, the suspension period would allow the service to further engage with stakeholders while ensuring proper alignment with the Act’s provisions for the sustainable funding of its modernisation initiatives.
The revised implementation timeline would be announced following the conclusion of the consultation.
Business
Illicit Financial Flows Draining National Resources – Adedeji
He emphasized the need to strengthen Nigeria’s domestic resource mobilisation to safeguard national wealth.

•Chairman of FIRS, Zacch Adedeji
On July 22, 2025, the Executive Chairman of FIRS, Zacch Adedeji, delivered the welcome address at the National Conference on Illicit Financial Flows in Abuja.
He emphasizied the need to strengthen Nigeria’s domestic resource mobilisation to safeguard national wealth.
He cited the recent tax reforms as a major step forward and highlighted the following as key points in his welcome address:
* Illicit Financial Flows through tax evasion, profit shifting and money laundering are draining national resources and threatening fiscal stability.
- The recent signing of four tax reform bills marks a critical step toward transparency, system overhaul, and stronger institutions.
- FIRS is responding with a multi-dimensional strategy: promoting voluntary compliance, embracing digital intelligence and enhancing enforcement under the Proceeds of Crime Act.
- * A need for unified, data-driven, and globally coordinated action to close fiscal gaps and protect Nigeria’s economic future.
Business
Just in: CBN Retains July Interest Rate at 27.5% , Says 8 banks meet recapitalisation target
The Governor of CBN, Mr. Olayemi Cardoso, disclosed this at the MPC briefing in Abuja this afternoon.

The Central Bank of Nigeria (CBN) has maintained the July Monetary Policy Rate (MPR) of 27.5 percent with all policy parameters.
The Governor of CBN, Mr. Olayemi Cardoso, disclosed this at the MPC briefing in Abuja this afternoon.
Mr Cardoso explained that the asymmetric corridor was retained at +500/-100 basis points around the MPR, leaving the Cash Reserve Ratio at 50 per cent for Deposit Money Banks and a general Liquidity Ratio of 30 percent.
He said that the decision to maintain the current MPR was premised on the need to continue to ensure the ongoing inflation reduction while vigorously ensuring declining prices.
The CBN boss revealed that as of July 18, the nation’s foreign reserve stood at 40.1 billion, which could provide import cover of nine and a half months.
He also disclosed that eight banks had achieved the new recapitalisation requirements.
The governor said the monetary and fiscal authorities would continue to work together to reduce the nation’s inflation rate to a single digit.
Business
NCS Replacing 4% import charges with 1% CISS import levy
Adeniyi explained that the one percent CISS levy has been in place for several years and has been instrumental in facilitating trade and generating revenue for the government.

The Nigerian Customs Service (NCS) has announced that it will be replacing the proposed 4 percent import levy with the existing 1 percent Comprehensive Import Supervision Scheme (CISS) levy.
The Comptroller -General of Customs (CGC), Adewale Adeniyi, made the revelation at an engagement held in Lagos to sensitize stakeholders in the B’Odogwu platform.
The CGC who is also the Chairperson of the World Customs Organization (WCO) explained that, though the introduction of the 4 percent FOB had been enshrined in the constitution.
He noted that the decision to reintroduce the levy was made after careful consideration and consultation with relevant stakeholders.
Adeniyi explained that the one percent CISS levy has been in place for several years and has been instrumental in facilitating trade and generating revenue for the government.
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