News
FG Cuts Import Duties On Passenger Vehicles, EVs And Mass Transit Buses To Curb Inflation
FG cuts import duties on passenger vehicles, Electric Vehicles (EVs) and Mass Transit Buses to curb inflation.
With the cuts, which takes effect from July 1, duties on passenger vehicles will fall to 40%, steel sheets and coils lowered to 35%.
Full exemptions were granted for electric vehicles (EVs), mass-transit buses and manufacturing machinery – down from 5% to 0%.
President Bola Ahmed Tinubu’s administration has approved a massive reduction in import duties of selected products, including passenger vehicles, mass transit buses, electric vehicles and raw materials for local production.
The cuts, which takes effect from July 1, is part of efforts to further reduce inflation and increase affordability for consumers, according to Dada Olusegun, Special Assistant to the President on Social Media.
“Products affected range from automobiles to food items and raw materials for local production. This decision is expected to further reduce the burden on consumers as inflation rate continues to slow down over the past months,” Dada said in a statement.
Under the new regime, duties on passenger vehicles will fall to 40% from 70 % while steel sheets and coils were lowered from 45% to 35% to ease production and construction costs.
Full exemptions were granted for battery-electric vehicles (EVs), mass-transit buses and manufacturing machinery, with the trio down from 5% to 0%.
In addition, the Federal government has also granted a three months (90-day) grace period for importers who had opened Form ‘M’ before April 1 to clear their goods at prevailing rates.
“A 90-day grace period (starting April 1) has been set as a “Transition Phase” to ensure the market stabilizes without sudden shocks,” an X post by the Special Assistant to the President on Social Media, reads.
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