Customs Levy Will Break Nigerians! Saraki Speaks Out On 4% Free On Board Charge

Former Senate President Bukola Saraki has openly criticized President Bola Tinubu’s administration over the newly introduced 4% administrative fee on Free On Board (FOB) imports by the Nigeria Customs Service. Saraki argues that this policy will further burden importers and ordinary Nigerians already grappling with tough economic conditions.…..READ MORE 

Saraki emphasized that Customs already receives budgetary allocations and incentives from collected duties, making the additional charge unnecessary. He warned that the cost would inevitably be passed down to consumers, worsening the financial strain on households.

The Nigeria Customs Service announced the fee earlier this week, clarifying it aligns with the Nigeria Customs Service Act (NCSA) 2023. However, Saraki insists the policy contradicts efforts to promote ease of doing business, especially as many industries struggle under unfavorable conditions.

“With Nigeria’s annual imports estimated at N71 trillion, this 4% charge translates to N2.84 trillion annually. Does Customs need an extra N2.84 trillion to function?” Saraki questioned. He urged the government to reconsider the policy and put it on hold, noting the significant impact on businesses and consumers alike.

Saraki concluded by calling for immediate action from the Tinubu administration to ease the financial burden on Nigerians during these challenging times.