The Federal Government has approved sweeping reductions in import duties on vehicles, including a full waiver on electric vehicles and mass transit buses, in a move aimed at easing economic pressure and curbing inflation.
The development was disclosed in a statement shared on X on April 13, 2026, by Dada Olusegun, Special Assistant to the President on Social Media.
According to him, the policy forms part of broader fiscal measures introduced by the administration of Bola Ahmed Tinubu to stabilise prices, support businesses, and improve affordability for Nigerians.
Olusegun explained that import duties on electric vehicles have been reduced from five per cent to zero per cent, while mass transit buses also enjoy a complete duty exemption under the new directive.
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He added that the government also approved significant tariff cuts on passenger vehicles, slashing rates from 70 per cent to 40 per cent, in a bid to make transportation more accessible and affordable.
The measures, he noted, are designed to promote cheaper public transport systems while encouraging the adoption of cleaner energy alternatives across the country.
The policy is expected to provide relief for consumers and operators in the transport sector, as authorities intensify efforts to address rising living costs and inflationary trends.