Abuja, Nigeria – 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, according to a presidential aide.
Okay News reports that import duties on electric vehicles were reduced from 5 percent to 0 percent, while mass transit buses also received full duty exemption from 5 percent to 0 percent. The levy on manufacturing machinery was equally scrapped, falling from 5 percent to 0 percent, in a move aimed at lowering production costs and boosting industrial activity.
Passenger vehicle duties were reduced from 70 percent to 40 percent, while tariffs on bulk rice were cut from 70 percent to 47.5 percent, and broken rice from 70 percent to 30 percent. Crude palm oil duties were reduced from 35 percent to 28.75 percent, while steel sheets and coils were lowered from 45 percent to 35 percent.
A 90-day transition phase beginning April 1 has been established to allow markets to adjust gradually. The policy follows President Bola Tinubu’s directive to economic officials to design measures cushioning the impact of the Middle East crisis, which has driven fuel prices above N1,350 per litre (approximately $0.86).
This import duty waiver aims to reduce inflation, support local businesses, and improve affordability for consumers amid global energy market disruptions.
