Federal Gornment Drop New Tariffs, Cut Import Duty For Rice, Motor, Drugs and Sugar

Federal Gornment don approve new 2026 Fiscal Policy Measures (FPM) wey go change import tariffs to help grow important sectors of di economy.

Di approval dey inside document wey carry date April 1, 2026, wey Minister of Finance, Wale Edun sign and di new policy go replace di 2023 own.

Gornment don review import duties for 127 items like rice, sugar, vehicles and industrial materials, say di reduction go help businesses grow.

Under di new policy, Import Adjustment Tax for products like crude palm oil now be 28.75 percent, wey lower pass di old rate.