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Government Suspends 4% FOB Levy After Backlash, Reviews Revenue Measures

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10 months ago

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ABUJA, Nigeria — The federal government has suspended the controversial 4% Free on Board (FOB) levy after strong criticism from exporters, businesses, and trade groups.....KINDLY READ THE FULL STORY HERE▶

The levy, which was introduced as part of new revenue measures, was meant to generate funds from export activities. But many business leaders argued it would raise costs, discourage trade, and hurt Nigeria’s competitiveness in international markets.

In a statement Friday, the Ministry of Finance confirmed the suspension and said the government is reviewing all recent revenue policies to reduce hardship on businesses. The decision followed weeks of complaints from exporters who warned the levy could lead to job losses and lower foreign exchange earnings.

“We have listened to stakeholders, and we are taking their concerns seriously,” the ministry said. “The levy has been suspended while we carry out further consultations and review our revenue framework.”

Exporters welcomed the suspension, calling it a relief. The Manufacturers Association of Nigeria had earlier described the levy as “unrealistic and harmful,” noting that most exporters already face high energy costs, multiple taxes, and foreign exchange shortages.

“The government made the right decision,” said one Lagos-based exporter of agricultural products. “We want policies that encourage exports, not punish them. Nigeria needs more foreign exchange, not less.”

The suspension comes as the government faces pressure to raise revenue without worsening the economic struggles of businesses and households. Nigeria is battling high inflation, weak currency, and low oil output, which have all strained public finances.

Experts say the move signals a more cautious approach to tax reforms. While the government is seeking new ways to boost non-oil revenue, economists warn that sudden levies can backfire if they drive businesses away or encourage smuggling.

“This is a balancing act,” said an Abuja-based economist. “Nigeria must expand its tax base, but it also needs to keep industries alive. Policies must be predictable, transparent, and fair.”

The finance ministry said it will engage more closely with exporters, manufacturers, and trade unions before introducing any new tax measures. Officials also promised to simplify revenue collection to avoid overlapping charges.

Analysts believe the suspension will calm business tensions in the short term. However, they note that Nigeria still faces a large funding gap, especially with growing debt service costs. The government will likely look for alternative ways to generate income, possibly through digital taxes, customs reforms, or tightening tax compliance.

For now, exporters say they are relieved that the levy will not go into effect. But many remain cautious, waiting to see what new policies the government will propose.

“Dialogue is key,” said a trade association leader. “If the government works with us, we can find solutions that grow the economy and raise revenue at the same time.”

The review of revenue measures is expected to continue in the coming months. Businesses and investors will be watching closely to see how the government balances the need for revenue with the goal of supporting economic growth.

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SHOCKING TWIST: Ex-Miss Universe Nigeria Chidimma Adetshina FIGHTS Deportation In South Africa Courts!.

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5 hours ago

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July 21, 2026

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  • Court Challenge: Former Miss Universe Nigeria Chidimma Adetshina appeared in the Cape Town Regional Court via her legal team to contest deportation efforts by the South African Department of Home Affairs.....KINDLY READ THE FULL STORY HERE▶

    • Immigration Status: Adetshina’s lawyers are working to halt her removal and demonstrate the formal steps she has taken to correct and regularize her documentation.

    • Background Context: The ongoing legal dispute stems back to the 2024 Miss South Africa pageant, where she withdrew following intense scrutiny and allegations concerning her mother’s citizenship documents.

    • International Success: Following her withdrawal from the South African contest, Adetshina competed in and won Miss Universe Nigeria 2024, ultimately placing as the first runner-up and earning the title of Miss Universe Africa and Oceania at the global stage.

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“THE BETRAYAL EXPOSED: Ondo Commissioner Names The Real Culprit Orchestrating The APC Chaos!”.

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5 hours ago

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July 21, 2026

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Ondo State Commissioner for Energy and Mineral Resources, Razak Obe, has asserted that Minister of Interior Olubunmi Tunji-Ojo is the driving force behind the ongoing turmoil within the All Progressives Congress (APC) in the state. Obe made these statements during an appearance on Arise TV on Tuesday.....KINDLY READ THE FULL STORY HERE▶

  • Primary Election Fallout: The ruling party became embroiled in internal conflict following the outcome of the National Assembly primaries.

  • Legal Challenge: Aspirants loyal to State Governor Lucky Aiyedatiwa who missed out on party tickets filed lawsuits last week to contest the election results and the list of candidates submitted to the Independent National Electoral Commission (INEC) by the APC National Working Committee (NWC).

Allegations Against the Minister of Interior

During his television interview, Obe claimed that Tunji-Ojo is aligned with the opposing political faction and has close ties with the party’s National Chairman, positioning himself against the governor.

Obe stated:

“There is a clear political divide within the Ondo APC. While divisions are normal in politics, we expect balance. Without euphemism, the Minister of Interior is behind the crisis in the Ondo APC. He is on the opposing side, not on the side of the governor. All other stakeholders are aligned with him.”

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“THE VIRAL STORM: 2Face Puts All Rumors To Rest After Intimate Video With Ex-Wife Takes Over The Web!”

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5 hours ago

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July 21, 2026

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Legendary Nigerian singer Innocent Idibia, widely known as 2Face or 2Baba, has responded to a trending romantic video involving himself and his ex-wife, Annie Idibia. Speculation regarding a reconciliation and a potential third child emerged online after social media users shared past footage of the former couple enjoying time together at a club.....KINDLY READ THE FULL STORY HERE▶

  • Annie’s Statement: Annie Idibia took to her Instagram story to dismiss the claims, stating that old footage was being circulated alongside false reports, and warning against believing everything seen on social media.

  • 2Face’s Response: 2Face also addressed the matter via his Instagram story, confirming that the footage in question was dated.

Brymo’s Revelations on Past Experiences and 2Baba

In a separate development, singer Olawale Ashimi, known as Brymo, discussed his early career experiences on the NotJustOk podcast on YouTube.

  • Encounters with Married Women: Brymo revealed he had relationships with older, married women during the early stages of his career—some of whom claimed they had separated from their husbands—and cautioned younger musicians to avoid similar entanglements due to the potential for serious complications.

  • Encounter at a Family Home: He shared an instance where a married woman invited him to visit her home after performing at her sister’s wedding, a visit he ultimately canceled upon learning her husband would be present, out of concern for potential trouble.

  • Allegations Involving 2Baba: Brymo also recounted an alleged 2019 incident at a Lekki, Lagos office, claiming that 2Baba questioned Annie Idibia about whether she had ever been in an intimate relationship with him.

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