FG approves import duty cuts to curb inflation
President Bola Tinubu
Abdullateef Fowewe
The Federal Government has approved significant reductions in import duties on vehicles, food items, and raw materials to fight inflation and boost affordability.
This was announced in a statement obtained on Monday from Presidential Aide Dada Olusegun.
“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,” Dada wrote on Monday.
Key changes include passenger vehicles dropping from 70% to 40%, bulk rice from 70% to 47.5%, and mass transit buses plus electric vehicles (EVs) to 0%. Steel, ceramic tiles, sugar, and manufacturing machinery will also see lower rates.
A 90-day transition phase starting April 1 aims to stabilise markets without shocks.
“This decision is expected to further reduce the burden on consumers as inflation rate continues to slow down over the past months,” Dada added.
