According to reporting by **Premium Times**, the Federal Government has officially approved the 2026 Fiscal Policy Measures, which include significant reductions in import duties for passenger vehicles and over 100 other essential items. Effective immediately, the tariff on fully-built passenger motor vehicles and station wagons has been slashed from 70% to 40% to ease the high cost of transportation and logistics across the country.
The policy, signed by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, also introduces a “Green Tax Surcharge” and excise duties on alcoholic beverages and tobacco. While the government aims to stimulate the automotive and manufacturing sectors with lower duties, it is simultaneously implementing Supplementary Protection Measures (SPM) in line with the ECOWAS Common External Tariff (CET) for 2022–2027.
**The Nation** corroborated the story, stating that the “new fiscal measures aim to balance economic relief with revenue generation,” while **Daily Post** quoted government officials saying, “these adjustments are necessary to curb the rising cost of living and support domestic productivity.”
**Echotitbits take:** This is a major win for the middle class and the logistics sector, which have been hammered by high clearing costs at the ports. Watch for a potential drop in the market price of Tokunbo cars over the next quarter, though the “Green Tax” might slightly offset gains for older, high-emission vehicles.
Source: Premium Times — https://www.premiumtimesng.com/business/business-news/870931-fg-approves-2026-fiscal-policy-measures-cuts-tariffs-on-cars-others.html, April 11, 2026
Photo credit: Premium Times
