The Federal Government has approved a waiver on import duties covering mass transit buses, electric vehicles, and key manufacturing machinery as part of efforts to ease economic pressure on Nigerians.
The move followed a directive by President , who instructed top economic officials to introduce measures aimed at cushioning the effects of the ongoing Middle East crisis, particularly amid rising global fuel prices.
Details of the policy were disclosed in a statement shared on social media by Dada Olusegun, Special Assistant to the President on Social Media.
He explained that the initiative forms part of broader fiscal interventions designed to reduce inflation and improve affordability for both consumers and businesses.
“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 framework, import duties on electric vehicles have been reduced from 5 per cent to zero, while mass transit buses will also enjoy full duty exemption, down from 5 per cent.
The government said the policy is intended to support cheaper transportation and promote cleaner mobility options.
Similarly, duties on manufacturing machinery have been scrapped entirely, falling from 5 per cent to zero, in a move expected to lower production costs and stimulate industrial growth.
The adjustments also extended to several other commodities.
Import duty on raw cane sugar has been reduced from 70 per cent to a range of 55 to 57.5 per cent, while crude palm oil duties dropped from 35 per cent to 28.75 per cent.
In the transport and food sectors, tariffs on passenger vehicles were cut from 70 per cent to 40 per cent.
Bulk rice duties were reduced from 70 per cent to 47.5 per cent, while those on broken rice were lowered to 30 per cent.
For the industrial and construction sectors, import duties on steel sheets and coils have been reduced from 45 per cent to 35 per cent, while glazed ceramic tiles now attract 46.25 per cent, down from 55 per cent.
The government said the reductions are aimed at easing construction and manufacturing costs.
A 90-day transition period, which began on April 1, has been introduced to allow markets adjust gradually and minimise potential disruptions.
