Manufacturers, Economics, Stakeholders Decry New 4% Levy On Imports
LAGOS FEBRUARY 10TH (NEWSRANGERS)-The imposition of a four per cent increase in charges on all consignments imported into the country by the Nigeria Customs Service (NCS), last week, drew disapproval from manufacturers, economists and other stakeholders at the weekend. The stakeholders said the hike could plunge Nigerians into deeper financial crisis.
Experts also said raising charges on imported goods negates the federal government’s bid to curtail inflation in the 2025 fiscal year.
The increment was embedded in the Comprehensive Import Supervision Scheme (CISS) which rose from 1 per cent to 4 per cent at the close of work last week Monday.
Investigations at the Tin-Can Island Port revealed that the implementation of the CISS started on Tuesday last week, with the development generating concerns among stakeholders who said the rise would impact negatively on the cost of doing business at the nation’s seaports.
The CISS is a pool from which the NCS draws funds to implement its modernisation projects. It is otherwise regarded as an administrative charge.
According to the NCS, the 4% charge on the Free On-Board (FOB) value of imports is in accordance with the provisions of the Nigeria Customs Service Act (NCSA) 2023.
With the implementation of the new FOB charge, the NCS is expected to generate N2.84 trillion annually, going by the country’s annual imports estimated at N71 trillion.
DailyTrust
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Posted by News Rangers
on Feb 10 2025. Filed under Business, National.
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