The Federal Government has approved a waiver on import duties for key items, including mass transit buses, electric vehicles, and manufacturing machinery, as part of efforts to ease economic pressure on Nigerians.
The move follows a directive by Bola Ahmed Tinubu aimed at cushioning the effects of the ongoing Middle East crisis and rising fuel costs.
According to Dada Olusegun, the policy introduces broad tariff reductions designed to lower inflation and support 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 measures, import duties on electric vehicles and mass transit buses have been reduced to zero, while levies on manufacturing machinery have also been scrapped.
The policy also includes reductions in tariffs on rice, steel, ceramic tiles, and crude palm oil, alongside a 90-day transition period to allow markets adjust gradually.
The decision comes amid global economic pressure triggered by the Israel–US–Iran conflict, which has disrupted oil supply routes and driven price volatility.
