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 made via an X post on Monday by Dada Olusegun, Special Assistant to the President on Social Media.

This development follows 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.

Dada Olusegun stated that 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 also received 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 specific categories, the policy introduced broader tariff adjustments across key import segments. Passenger vehicle duties were reduced from 70% to 40%. Tariffs on bulk rice were cut from 70% to 47.5%, and on broken rice from 70% to 30%.