The Federal Government has waived import duties on electric vehicles, mass transit buses and manufacturing machinery as part of new fiscal measures aimed at easing economic pressure on Nigerians and curbing inflationary pressures.
Special Assistant to the President on Social Media, Dada Olusegun, disclosed this in a post on X.
The development followed President Bola Ahmed Tinubu’s directive to key economic officials to design measures to cushion the impact of the ongoing Middle East crisis on Nigerians, particularly amid rising fuel prices.
Olusegun said the Tinubu administration approved a broad set of import duty reductions to lower inflation, support businesses and improve affordability for consumers.
“President Tinubu’s administration has approved a massive reduction in import duties of selected products in order to further reduce inflation, empower local businesses and increase affordability for consumers,” he said.
Under the new policy, import duties on electric vehicles were reduced from 5% to 0%. Mass transit buses were also granted full duty exemption, down from 5% to 0%, to encourage cheaper public transportation and support cleaner mobility alternatives.
The levy on manufacturing machinery was equally scrapped, falling from 5% to 0%, in a move aimed at lowering production costs and boosting industrial activity.
The policy also introduced broader tariff adjustments across key import segments.
Passenger vehicle duties were reduced from 70% to 40%, while tariffs on bulk rice were cut from 70% to 47.5% and broken rice from 70% to 30%.
Raw cane sugar was adjusted from 70% to between 55% and 57.5%, while crude palm oil duties were reduced from 35% to 28.75%.
In the industrial and construction sector, steel sheets and coils were lowered from 45% to 35%, while glazed ceramic tiles were reduced from 55% to 46.25%, in a move aimed at easing production and construction costs.
The post also confirmed a 90-day transition phase beginning April 1, described as a “Transition Phase”, to allow markets to adjust gradually and avoid sudden shocks as the new tariff regime takes effect.
