Eromosele Abiodun

The Nigeria Employers’ Consultative Association (NECA) has commended the federal government on the side of the 4 per cent Free on Board (FOB) Customs charge.

Speaking in Lagos, the Director General of NECA, Mr. Adewale-Smatt Oyerinde stated that, “We commend the Minister of Finance and Coordinating Minister of the Economy for the demonstration of government’s commitment to grow the economy through the development of the organized private sector.

“This action, including the withdrawal of the proposed 5 percent telecom tax further affirmed the current administration’s determination not only to promote enterprise sustainability and competitiveness, but also determination to enable job creation at scale. While we commend the Government on this timely action, we urge the immediate implementation of the directive by the Nigeria Customs Service.”

Free on Board (FOB) indicates when the ownership of goods transfers from buyer to seller and who is liable for goods damaged or destroyed during shipping. FOB Origin means the buyer assumes all risk once the seller ships the product.

Speaking further, the NECA boss added, “It is instructive and important that other Agencies and Departments of the Federal and State Governments align their actions with the Renewed Hope Agenda of the administration by reversing unnecessary and cumbersome charges and levies that do nothing but add to the burden of Organized businesses, thus sabotaging the current administration’s effort at growing the economy.

“Notwithstanding the Presidential directives on the suspension of the FRC Levies, the Financial Reporting Council of Nigeria continues to disobey the unambiguous directive of the President. This is not only worrisome but also unacceptable”.

Adewale averred that, organized businessesses will continue to play definitive roles in the rapid development of the Nigerian economy by promoting investments, trade, job creation and making sound economic recommendations to the Government at all levels.

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