FG waives import duty on buses, vehicles, manufacturing equipment
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The Federal Government has approved a fresh round of import duty waivers covering mass transit buses, electric vehicles, and key manufacturing equipment as part of efforts to ease economic strain on citizens.
The decision follows a directive by Bola Ahmed Tinubu, who tasked top economic officials with introducing measures to cushion the effects of the ongoing Middle East crisis, especially amid rising fuel costs.
In a statement shared on X by presidential aide Dada Olusegun, the move was described as part of broader fiscal reforms designed to reduce inflation and improve affordability for Nigerians.
He explained that the administration approved significant cuts in import duties on selected goods to support businesses and lower the cost of living.
“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.”
The policy comes against the backdrop of the ongoing Israel–US–Iran conflict, which has disrupted global oil supply routes, particularly around the Strait of Hormuz—a key channel for a large share of the world’s crude exports.
Under the new measures, import duties on electric vehicles have been completely removed, dropping from 5% to 0%. Mass transit buses have also been granted full exemption, a move aimed at making public transportation more affordable while promoting cleaner mobility options.
Similarly, duties on manufacturing machinery have been scrapped, falling from 5% to zero, in a bid to reduce production costs and stimulate industrial growth across the country.
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