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By Ayo Kehinde
The federal government has eliminated import duties on electric vehicles (EVs), public transport buses and manufacturing machinery, in a broad fiscal move aimed at easing cost pressures and curbing inflation.
The announcement was made by Bola Ahmed Tinubu’s special social media assistant, Dada Olusegun, via a post on X on Monday.
According to him, the directive follows the President’s instructions to key economic managers to come up with immediate measures to cushion the effects of the current crisis in the Middle East on Nigerians, particularly in light of rising fuel costs.
Olusegun said the administration approved a broad package of import duty reductions aimed at lowering prices, supporting businesses and improving consumers’ purchasing power.
“President Tinubu’s administration has approved a massive reduction in import duties on selected products to further reduce inflation, empower local businesses and increase affordability for consumers,” he said.
Under the new policy, import duties on electric vehicles have been reduced from 5% to zero, while public transport buses now enjoy full exemption, which has also been reduced from 5%.
The move is expected to encourage cheaper public transport and promote cleaner mobility options.
Likewise, tariffs on manufacturing machinery were abolished, dropping from 5% to zero, in an effort to reduce production costs and stimulate industrial growth.
The policy also includes broader tariff adjustments. Duties on passenger vehicles were reduced from 70% to 40%, while tariffs on loose rice dropped to 47.5% and broken rice to 30%.
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