BREAKING: FG Eases Tariffs As Iran Conflict Triggers Fuel Price Rise

The Federal Government has moved to aggressively slash import duties on food, vehicles, and industrial machinery; a strategic pivot aimed to “rein in inflation and ease rising living costs” for millions of Nigerians.

The presidency confirmed on Tuesday that the new tariff regime, effective 1 July, is a direct response to a mounting economic crisis exacerbated by geopolitical volatility.

The President Bola Ahmed Tinubu Media Centre characterised the sweeping measures as part of a “broader fiscal effort to curb inflation, lower household costs, and reduce input prices for businesses”. This intervention comes at a critical juncture as the World Bank warns that inflation, which had cooled to 15.06 per cent in February, is now facing “renewed pressure since the start of the Iran war”.

Under the revised schedule, the government has authorised significant reductions for essential commodities.

Duties on passenger vehicles will drop to 40 per cent from a previous high of 70 per cent, while bulk rice will see a reduction to 47.5 per cent.

Raw sugar cane levies are set to fall to a range of 55 per cent to 57.5 per cent, and palm oil duties will be lowered to 28.75 per cent.Tap To Learn, More. .