NEWS
FG Slashes Vehicle Import Levy as 2026 Fiscal Policy Measures Take Effect
The Federal Government has officially commenced the implementation of its revised vehicle import levy under the 2026 Fiscal Policy Measures, introducing significant reductions aimed at lowering the cost of importing vehicles, stimulating economic activities, and providing relief to importers across the country.
The new fiscal policy marks a major adjustment to Nigeria’s import tariff structure, with the government reducing the import levy on both new and used vehicles in a move expected to make vehicle importation more affordable.
Under the revised regime, the import levy on new vehicles has been slashed from 20 per cent to 10 per cent.
Similarly, the levy on used vehicles has been reduced from 15 per cent to five per cent, representing a substantial cut intended to ease the financial burden on importers.
The implementation of the policy forms part of the Federal Government’s broader 2026 Fiscal Policy Measures designed to enhance trade, improve the ease of doing business, and support economic growth through a more favourable import tariff framework.
With the reduction now in effect, stakeholders in the automobile sector are expected to benefit from lower import costs, a development that could encourage increased vehicle importation and improve the availability of vehicles in the Nigerian market.
The government also expects the revised levy structure to translate into reduced costs for consumers over time, as lower import expenses may ultimately influence vehicle prices and expand access to transportation for individuals and businesses.
The latest adjustment underscores the Federal Government’s commitment to implementing fiscal policies that encourage investment, promote commercial activities, and strengthen key sectors of the nation’s economy while easing the cost pressures faced by businesses and consumers alike.