The Federal Government has approved a reduction in import tariffs on key commodities, including vehicles, rice, palm oil and sugar, as part of measures to stimulate economic growth and ease pressure on consumers.
This is contained in a circular on the 2026 fiscal policy measures signed by the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun.
The circular indicates that the new policy framework replaces the 2023 fiscal guidelines, signalling a shift in the government’s economic strategy.
According to the government, the tariff reductions are aimed at lowering the cost of essential goods, supporting local industries and enhancing trade competitiveness.
It stated that the measure is also expected to help curb inflation and improve access to critical commodities nationwide.
Economic analysts, however, expressed mixed reactions to the policy.
They noted that while it could provide relief to consumers, it might pose challenges to local producers competing with imported goods, particularly in the agriculture and manufacturing sectors.
The government said the policy forms part of broader efforts to reform Nigeria’s fiscal structure and promote economic stability amid prevailing economic challenges.
