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Experts Warned That Implementing Customs’ 4% FOB Levy Will Worsen Hardship, Increase Inflation

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Customs

Experts Warned That Implementing Customs’ 4% FOB Levy Will Worsen Hardship, Increase Inflation

Experts warned that implementing Customs’ 4% FOB levy will worsen hardship, increase inflation. In separate interviews with journalists on Monday in Ota, Ogun, Messrs Adegbite and Osabuohien said the policy would negatively impact the economy.

Financial experts have warned that implementing the four per cent Free-On-Board (FOB) levy on imports would exacerbate inflation in the country.

The Nigeria Customs Service (NCS) on February 5 announced its introduction of the FOB levy on imports.
According to Abdullahi Maiwada, the service’s spokesman, the introduction of the levy was in line with the provisions of the Nigeria Customs Service Act (NCSA) 2023.

“The FOB charge, which is calculated based on the value of imported goods, including the cost of goods and transportation expenses incurred up to the port of loading, is essential to driving the effective operation of the service,” he said.

However, Wale Adegbite, former chairman of the Manufacturers Association of Nigeria (MAN), Ogun chapter, and Evans Osabuohien, a professor of economics, said the levy would worsen the nation’s inflation rate.

In separate interviews with journalists on Monday in Ota, Ogun, Messrs Adegbite and Osabuohien said the policy would negatively impact the economy.

The former MAN chairman said the four per cent levy by the NCS “is a disaster and will worsen an already bad situation with multiple devastating effects on the economy.

” Why would the government inflict more hardship on the population as this new policy will certainly lead to more price increases, thus further increasing the country’s inflation rate?

“In addition, the masses will suffer more because of the impending price increase without any corresponding increase in income.”
Also, Mr Osabuohien said that though the new FOB policy by the NCS was meant to generate more revenue for the federal government, it would negatively impact the economy.

Customs

Customs

He said the NCS action would increase the cost of living of households.
The economist explained further that the development would increase the cost of operations of small and medium enterprises (SMEs), especially companies that depend on imported raw materials for production.

“This additional cost to be incurred through the four per cent increase in FOB would be transferred to the consumers, and it would automatically trigger an increase in the nation’s inflation rate,” Mr Osabuohien said.

Economy

U.S. Lawmaker Urges President Tinubu To Remove Matawalle Over Rising Attacks On Christians in Nigeria, Cites Relationship With Bandits

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Matawalle’s Leadership

U.S. Lawmaker Urges President Tinubu To Remove Matawalle Over Rising Attacks On Christians in Nigeria, Cites Relationship With Bandits

Relationship with bandits. She urged the U.S. to apply more diplomatic pressure to hold those accused of aiding terrorism accountable.

Kimberly Daniels, a Florida state representative and chairwoman of the United World Congress of Diplomats (UN-WCD), has charged President Bola Tinubu to sack or redeploy the Minister of State for Defence, Bello Matawalle, over rising attacks in the country.

Ms Daniels posted a statement containing her recommendations on tackling insecurity in Nigeria on her Facebook page on Wednesday.

“To The Government of Nigeria: The Results of the Assessment urge President Tinubu to ‘look inward’ and remove elements that compromise national security,” Ms Daniels said.

Ms Daniels’ recommendations specifically included: “Immediate Leadership Review: The removal or redeployment of Minister Bello Matawalle to restore the integrity of the defense ministry.”

She added: “Conducting a transparent investigation into allegations of high-level complicity with banditry to regain the trust of the Nigerian people and implementing more robust security measures for vulnerable communities in the North-Central and Northwestern belts of the country.”

Matawalle’s Leadership

Matawalle

To the U.S. government, Ms Daniels recommended increased “diplomatic pressure to ensure that those accused of aiding terrorism are held accountable.”

“Based on the referenced report, the attacks against believers in Northern Nigeria are allegedly protected by leadership from the inside,” she said.

She added, “The greatest form of terrorism a person can experience is terror that comes from ‘homegrown familiar enemies.’ When the people you trust to protect you work undercover with others who want to harm you, it must be devastating! My brothers and sisters in Nigeria are martyred because they gather to worship Jesus, while most Americans do not understand how precious our religious liberty is and the protections that come with it.”

Bayo Onanuga and Daniel Bwala, spokespersons for Mr Tinubu, have not responded to requests for comment.

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Economy

Nigeria, UAE Set To Advance Energy Cooperation: NNPC Ltd

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UAE Set To Advance Energy Cooperation

Nigeria, UAE Set To Advance Energy Cooperation: NNPC Ltd

Nigeria and UAE set to advance energy cooperation. Earlier today in Abuja, the Group Chief Executive Officer of NNPC Limited, Engr. Bashir Bayo Ojulari, paid a visit to the United Arab Emirates (UAE) Ambassador to Nigeria, H.E. Salem Saeed Al Shamsi, at the UAE Embassy.

The meeting highlighted the existing strong bilateral energy ties between Nigeria and the UAE, with discussions spanning upstream oil and gas investment opportunities, gas development and monetisation, crude oil trading, and infrastructure financing.

Both parties reaffirmed the sustained relations between the two nations, rooted in mutual respect and a shared commitment to long-term energy cooperation.

In his remarks, Engr. Ojulari said as a commercially driven entity, NNPC Ltd. offers a strong portfolio of bankable projects across the entire energy value chain, adding that the company remains open to value-based partnerships with UAE institutions, such as Abu Dhabi National Oil Company (ADNOC), Abu Dhabi Investment Authority (ADIA), and National Petroleum Construction Company (NPCC).

UAE Set To Advance Energy Cooperation

UAE Set To Advance Energy Cooperation

The visit builds on earlier cooperation commitments made by President Bola Ahmed Tinubu and President Mohammed Bin Zayed, as both countries work to translate that intent into concrete, mutually beneficial project outcomes.

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Akwa Ibom

Akwa Ibom Governor Eno Commends Quality Job Delivery By Contractors At Project Sites

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Akwa Ibom Governor Eno

Akwa Ibom Governor Eno Commends Quality Job Delivery By Contractors At Project Sites

Governor Umo Eno has expressed satisfaction with the quality and timely delivery of jobs by contractors at different project sites in the State.

Fielding questions from Government House Correspondents shortly after his inspection of the projects, Governor Eno reaffirmed his administration’s commitment towards ensuring that projects are properly monitored and appropriately funded in line with the contract agreement.

He explained that the routine on-the spot inspection avails him the opportunity to carry out critical assessment of key projects, monitor project timeliness, staff welfare, pace and quality of job execution and funding approvals.

“Mine is to make sure that the work is going on, we get our money’s worth, ensure contractors are on site and that they are doing what they are supposed to do.

“This inspection, for me, is to give me an on-the spot assessment, monitor our time lines. Everywhere I went to, I can tell you that I am satisfied at the pace of work, and the quality of work done,” he stated.

The Governor thanked the contractors for their commitment to their jobs, and urged them to keep to timelines and specifications while prioritizing the safety and welfare of staff.

“I belief that the contractors know that we will demand that they do the work according to our specification.

“I am not just checking the work, I also check the staff, to ensure that everything is going on well. So when I get an IPC on my desk, I know exactly what that payment voucher is addressing. All of these works you see me inspect today, I have payment vouchers waiting for me to sign off.

“So, I have to come to see and be sure that they have reached certain levels before we can make the next set of payments.”

Akwa Ibom Governor Eno

Akwa Ibom Governor Eno

Among projects inspected by the Governor were the Aviation Village, Legislators and Executive quarters at Dakkada Luxury Estate, Equipment Leasing Company, and the CNG Bus Terminal.

In the Governors team were the Secretary to the State Government, Prince Enobong Uwah, Executive Assistant/Chief Delivery Advisor, Mr. Aniefiok Johnson, members of the State Executive Council, and other government functionaries.

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