Business
THE Nigeria Employers’ Consultative Association (NECA) has demanded a reversal of the four per cent charge on the Free on Board (FOB) value of imports by the Nigeria Customs Service (NCS).
NECA’s Director-General, Mr Adewale-Smatt Oyerinde, made the call in a statement on Sunday.
The News Agency of Nigeria (NAN) reports that NCS spokesman, Mr Abdullahi Maiwada, announced on Feb. 5 that the service had begun implementing the four per cent charge.
Maiwada explained that the directive aligned with the provisions of the Nigeria Customs Service Act (NCSA) 2023.
Oyerinde, however, described the levy as ill-timed and harmful to businesses and Nigerians, especially amid prevailing economic challenges.
“The Nigerian business environment already struggles with multiple taxes, unpredictable policies, and economic challenges.
“With rising unsold inventories and growing unemployment, policies should support businesses, not further suffocate them.
“This additional financial burden on import-dependent businesses will escalate production costs, fuel inflation, and threaten jobs.
“Ultimately, consumers will face higher prices, worsening an already difficult economic climate,” he said.
Oyerinde urged the government to consult stakeholders and develop a more sustainable, business-friendly approach to revenue generation.
“Government must urgently ease the financial burden on businesses and citizens, rather than implementing policies that deepen economic hardship and stifle growth,” he said. (NAN)
A.I
Feb. 10, 2025
Tags: Mr Abdullahi Maiwada Mr Adewale-Smatt Oyerinde NECA
