Federal Government has granted a waiver on import duties for electric vehicles and mass transit buses as measures to ease inflation caused by the ongoing Middle-East crisis on Nigerians and boost affordability.
The development is contained in a statement in an ð• post on Monday, by the Special Assistant to the President on Social Media, Dada Olusegun.
Olusegun noted that the move was part of the new fiscal measures aimed at easing economic pressure on Nigerians and curbing inflationary pressures following the President’s directive to key economic officials.
Olusegun said the Tinubu administration approved a broad set of import duty reductions to lower inflation, support businesses and improve affordability for consumers.
Under the new policy, import duties on electric vehicles were reduced from five percent to zero percent, while mass transit buses were also granted the same full duty exemption from 5% to 0%.
The policy measures also cover broader tariff cuts, like passenger vehicles from 70 percent to 40 percent, to support consumers and industries.
According to him, the move is to encourage cheaper public transportation and support cleaner mobility alternatives.
