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Government Suspends 4% FOB Levy After Backlash, Reviews Revenue Measures
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.
The Edo State Police Command has confirmed the arrest of three suspected kidnappers linked to the abduction of two medical doctors’ brothers in Auchi, Etsako West LGA.....KINDLY READ THE FULL STORY HERE▶
The victims, Dr. Abu Ibrahim Babatunde and his younger brother, Dr. Tahir Abu Emhoye, were kidnapped on January 2, 2026, around 7:30 p.m. on City Pride Road, Igbira Camp, Auchi. While Dr. Tahir, a fresh graduate from Ambrose Alli University (AAU), Ekpoma, was killed by the abductors, Dr. Babatunde, a housemanship staff at Edo University Teaching Hospital, Auchi, was released on January 15 after a ₦50 million ransom was paid.
The suspects—Saminu Kawujie, Idris Abubakar, and Sani Abubakar—were apprehended in separate operations. Kawujie was arrested on February 3 at Warrake Forest, Owan East LGA, during a bush-combing operation carried out by police, local hunters, and vigilante groups. Items recovered from him included two knives, two mobile phones, a UBA ATM card, and ₦20,250. Identification parades confirmed him as one of the abductors.
Idris Abubakar and Sani Abubakar were arrested on February 8 at the Specialist Hospital, Auchi. Both were identified as part of the gang, with Idris specifically linked to receiving the ransom for Dr. Babatunde’s release.
ASP Eno Ikoedem, the police spokesperson, said investigations are ongoing to dismantle the entire criminal network responsible for the Auchi kidnappings. Commissioner of Police Monday Agbonika assured the public that all kidnapping cases will be pursued to completion, with continued intelligence-led policing and bush-combing operations across the state.
The Speaker of the Jigawa State House of Assembly, Rt. Hon. Haruna Aliyu Dangyatin, has been elected Chairman of the Progressive Speakers Conference, a forum of APC House Speakers nationwide.....KINDLY READ THE FULL STORY HERE▶
Dangyatin assumed the position during the conference’s annual congress and executive elections held in Abuja. The body aims to enhance coordination among APC Speakers, promote party ideals, foster unity, and support democracy, peace, and national development.
Other key positions filled include the Ebonyi State Assembly Speaker as Deputy Chairman (South), the Nasarawa State Assembly Speaker as Deputy Chairman (North), and the Ondo State Assembly Speaker as Treasurer. Six zonal vice chairmen were also elected, including Ogun State’s Rt. Hon. Oludaisi Elemide for the South-West zone and Plateau State’s Speaker for the North-Central zone. The new executive members are set to be sworn in on Monday, February 9, 2026.
Jigawa Governor Malam Umar Namadi congratulated Dangyatin, calling the election well deserved and expressing confidence that he would strengthen collaboration among APC members ahead of the 2027 general elections.
Professor Abayomi Fasina has officially stepped down as Vice-Chancellor of the Federal University Oye-Ekiti (FUOYE).....KINDLY READ THE FULL STORY HERE▶
Speaking at FUOYE’s 10th Convocation on Saturday, Prof. Fasina highlighted the university’s growth under his leadership, noting that it has become the fourth most sought-after university in Nigeria and has steadily improved in national rankings.
“Our progress is reflected in the 20-point agenda and transformation blueprint we have implemented since I assumed office in 2021,” he said.
He also emphasized the university’s infrastructural development, including what he called the “Blue Roof Revolution,” and expressed gratitude to President Bola Tinubu and others for their support during his tenure.
“As a former Deputy Vice-Chancellor, you are already part of our success story. I am confident FUOYE will continue to thrive under your leadership,” Fasina added.
A total of 7,684 students graduated at the convocation, including 7,396 undergraduates—with 131 earning First Class honours—and 288 postgraduates.
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