The Federal Government has announced the removal of import duties on mass transit buses, electric vehicles, and key manufacturing machinery in a move aimed at easing economic pressure on Nigerians.
The policy followed a directive from Bola Ahmed Tinubu, who instructed economic managers to roll out measures to cushion the effects of the ongoing Middle East crisis, particularly as fuel prices continue to rise.
Presidential aide Dada Olusegun disclosed in a post on X that the decision forms part of wider fiscal interventions designed to reduce inflation, support businesses, and make goods more affordable 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 move comes amid disruptions linked to the Israel–US–Iran conflict, which has affected global oil supply, especially around the Strait of Hormuz.
Under the new arrangement, import duty on electric vehicles has been cut from 5 percent to zero, while mass transit buses now enjoy full exemption to encourage cheaper public transportation. Duties on manufacturing machinery have also been scrapped, a step expected to lower production costs and boost industrial output.
