FG Announces Major Tariff Cuts on Key Imports for 2026

The Federal Government of Nigeria, under the coordination of Finance Minister Mr. Wale Edun, has approved a new fiscal policy set to commence on April 1, 2026.

This policy includes substantial tariff adjustments on 30 items, with a total of 127 tariff lines experiencing reduced import duty rates. The aim is to promote and stimulate growth in critical sectors of the economy.

According to a circular dated April 1, 2026, the new measures will supersede the 2023 import adjustment tax. Notable reductions include crude palm oil, which will see a total effective rate of 28.75%, and passenger motor vehicles, which will have a total effective tariff of 40%, down from 70% in the 2015 fiscal policy.

Additional items affected include rice, wheat flour, and various sugar products, with reductions ranging from 30% to 70%. A 90-day grace period will be granted for imports under the new excise duty regime, which will take effect on July 1, 2026.