Figures cited by **Premium Times** show that the Federal Government has officially commenced the implementation of the 2026 Fiscal Policy Measures, which include significant tariff reductions on imported cars and 127 other essential items. The policy, signed by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, introduces Supplementary Protection Measures designed to align Nigeria with the ECOWAS Common External Tariff while providing immediate relief to the transport and manufacturing sectors.
The new fiscal framework also introduces a “Green Tax Surcharge” and adjusts excise duties on alcoholic beverages, cigarettes, and tobacco products. To ensure a smooth transition and prevent market shocks, the government has granted a 90-day grace period for importers with existing trade agreements initiated before the April 1 start date to clear their goods under the previous, lower-duty regimes if applicable.
**The Nation** highlighted that the move is part of a broader strategy to “promote and stimulate growth in critical sectors of the economy,” while **Daily Trust** reported that “the reduction in vehicle duties is expected to lower the high cost of transportation currently burdening citizens.”
Echotitbits take: This is a calculated move to curb the inflationary pressure on logistics and transport. While the tariff cuts on cars are a populist win, the “Green Tax” indicates that the government is simultaneously looking for new revenue streams to offset the losses from import duty reductions.
Source: Premium Times – https://www.premiumtimesng.com/business/business-news/870931-fg-approves-2026-fiscal-policy-measures-cuts-tariffs-on-cars-others.html, April 12, 2026
Photo credit: Premium Times
