FG Slashes Import Duties on Food, Vehicles to Ease Cost of Living
ABUJA, Nigeria . The Federal Government has introduced sweeping reductions in import duties on essential goods as part of its 2026 Fiscal Policy Measures (FPM) , aimed at reducing the cost of living, easing inflationary pressures, and stimulating economic growth. The new tariff regime, which took effect in July, reduces import duties on 127 product categories , including staple foods, passenger vehicles, industrial machinery, and electric vehicles. Among the major changes, import duty on bulk rice has been cut from 70% to 47.5% , while broken rice now attracts a 30% tariff . Duties on crude palm oil and raw cane sugar have also been lowered to reduce food production costs and improve affordability. In the transport sector, import duty on passenger vehicles has been reduced from 70% to 40% , while mass transit buses, electric vehicles (EVs), and manufacturing machinery have been granted zero import duty to encourage cleaner transpo...