By James Isaac,Abuja
The Joint Committee on Customs and Excise of the National Assembly has called for the urgent implementation of the 4% Free On Board (FOB) policy and directed the Nigeria Customs Service to submit monthly performance reports on the 2024 budget.
The resolution followed an interactive session on Monday at the National Assembly involving lawmakers, the Coordinating Minister of the Economy and Minister of Finance, Mr. Wale Edun, and the Comptroller-General of Customs, Bashir Adewale Adeniyi.
Chairman of the Committee, Senator Jibrin Isah (Kogi East), expressed concern over the low performance of capital, overhead, and personnel components of the 2024 budget. He emphasized the need for accountability and full adherence to laws enacted by the National Assembly.
In his remarks, Finance Minister Edun explained that the delayed implementation of the 4% FOB policy stemmed from demands by stakeholders for broader consultations. He added that the reciprocal tariff regime was designed to stimulate industrial growth by facilitating machinery imports that support local manufacturing. He further assured that the National Single Window Project remains on track.
Comptroller-General Adeniyi stated that the failure to fully implement the FOB policy has hindered budget performance, as key stakeholders are yet to align. He reiterated the Customs Service’s commitment to enhancing exports, which he described as central to the economic direction of the Tinubu administration.
Addressing concerns on border management, he confirmed that while some restrictions remain, commodities like rice are permitted at designated entry points. He also noted efforts to reduce arbitrary checkpoints and pledged that future recruitment would be streamlined and guided by the federal character principle.
The Committee concluded by mandating the Nigeria Customs Service to implement the 4% FOB policy without further delay and to begin monthly reporting on the concurrent implementation of the 2024 and 2025 budgets.
