By Ayo Kehinde
The Federal Government has eliminated import duties on electric vehicles (EVs), mass transit buses, and manufacturing machinery, in a sweeping fiscal move aimed at easing cost pressures and curbing inflation.
The announcement was disclosed on Monday by Bola Ahmed Tinubu’s Special Assistant on Social Media, Dada Olusegun, via a post on X.
According to him, the directive followed the President’s instruction to key economic managers to design immediate measures to cushion the effects of the ongoing Middle East crisis on Nigerians, particularly in light of rising fuel costs.
Olusegun said the administration approved a broad package of import duty reductions targeted at lowering prices, supporting businesses, and improving consumer purchasing power.
“President Tinubu’s administration has approved a massive reduction in import duties of selected products to further reduce inflation, empower local businesses, and increase affordability for consumers,” he stated.
Under the new policy, import duties on electric vehicles have been cut from 5 percent to zero, while mass transit buses now enjoy full duty exemption, also reduced from 5 percent.
The move is expected to encourage cheaper public transportation and promote cleaner mobility options.
Similarly, duties on manufacturing machinery have been scrapped, dropping from 5 per cent to zero, in a bid to reduce production costs and stimulate industrial growth.
The policy also includes wider tariff adjustments. Duties on passenger vehicles were reduced from 70 percent to 40 percent, while tariffs on bulk rice fell to 47.5 percent and broken rice to 30 percent.
