BY TONIA MADU—The Federal Government on Monday slashed import duties on several essential goods, including mass transit buses, electric vehicles, and industrial machinery, in a move aimed at easing inflationary pressures and reducing the burden of rising energy and global economic challenges.
The decision follows a directive from President Bola Ahmed Tinubu instructing economic managers to roll out interventions to cushion the effects of global disruptions, including tensions in the Middle East.
According to a statement posted on X by the President’s Special Assistant on Social Media, Dada Olusegun, the reforms are part of broader fiscal measures designed to stabilise prices and support local businesses.
Under the new structure, import duties on electric vehicles have been eliminated from five per cent to zero, while mass transit buses have also been granted full duty exemption. Duties on manufacturing machinery have similarly been removed to reduce production costs and encourage industrial growth.
Other adjustments include a reduction in tariffs on raw cane sugar from 70 per cent to between 55 and 57.5 per cent, and a cut in crude palm oil duties from 35 per cent to 28.75 per cent.
