The Federal Government has granted a waiver on import duties for mass transit buses, electric vehicles, and manufacturing machinery. 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.
A disclosure contained in an X post on Monday by Dada Olusegun, Special Assistant to the President on Social Media, noted that the move is part of new fiscal measures aimed at easing economic pressure on Nigerians and curbing inflationary pressures. 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. The Israel–US–Iran conflict, ongoing since February 28, 2026, has severely disrupted global oil flows, particularly around the Strait of Hormuz, which handles about 20% of global crude supply.
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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. 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%.
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%. 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.