The Federal Government has waived import duties on electric vehicles, mass transit buses and manufacturing machinery as part of new fiscal measures aimed at easing economic pressure on Nigerians and curbing inflationary pressures.
The disclosure was contained in an X post on Monday by Dada Olusegun, Special Assistant to the President on Social Media.
The development followed President Bola Ahmed Tinubu’s directive to key economic officials to design measures to cushion the impact of the ongoing Middle East crisis on Nigerians, particularly amid rising fuel prices.
The Special Assistant to the President on Social Media said the Tinubu administration approved a broad set of import duty reductions to lower inflation, support businesses and improve affordability for consumers.
Under the new policy, import duties on electric vehicles were reduced from 5% to 0%. Mass transit buses were also granted full duty exemption, down from 5% to 0%, to encourage cheaper public transportation and support cleaner mobility alternatives.
The levy on manufacturing machinery was equally scrapped, falling from 5% to 0%, in a move aimed at lowering production costs and boosting industrial activity.
Beyond these categories, the policy introduced broader tariff adjustments across key import segments.
Passenger vehicle duties were reduced from 70% to 40%, while tariffs on bulk rice were cut from 70% to 47.5% and broken rice from 70% to 30%.
... also confirmed a 90-day transition phase beginning April 1, described as a “Transition Phase”, to allow markets to adjust gradually and avoid sudden shocks as the new tariff regime takes effect.
President Bola Tinubu had earlier directed key economic officials to develop measures to mitigate the impact of the ongoing Middle East crisis on Nigerians amid rising fuel prices.
He directed the Ministries of Finance and Budget, alongside the Head of Service, to explore options to ease economic hardship, noting that governance must translate into tangible improvements in roads, power, jobs and broader economic opportunities.
The Israel–US–Iran conflict, ongoing since February 28, 2026, has severely disrupted global oil flows, particularly around the Strait of Hormuz, which handles about 20% of global crude supply.
The crisis has driven sharp volatility in energy prices and raised shipping and insurance costs across multiple economies, including Nigeria.
However, on Sunday, April 12, U.S. President Donald Trump ordered the United States Navy to begin a blockade of all ships entering or leaving the Strait of Hormuz, following the collapse of peace talks between the United States and Iran in Islamabad.
The renewed escalation triggered another surge in oil prices, with Brent crude rising above $102 per barrel and WTI climbing to $104.16 per barrel on April 13, reflecting renewed fears of supply disruption.