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Vehicle Import Levy Reduction Takes Effect As New Fiscal Measures Commence

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4 months ago

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The Federal Government’s revised import levy on new and used vehicles has taken effect as part of the 2026 Fiscal Policy Measures aimed at reducing the cost of vehicle importation and supporting economic activity….

The Federal Government’s revised import levy on new and used vehicles has taken effect as part of the 2026 Fiscal Policy Measures aimed at reducing the cost of vehicle importation and supporting economic activity.

Under the new regime, the import levy on new vehicles has been reduced from 20 per cent to 10 per cent, while the levy on used vehicles has been cut from 15 per cent to five per cent.

https://x.com/DOlusegun/status/2072274532392435718

The changes form part of a broader revision of Nigeria’s import tariff structure.

The policy is intended to lower the cost of importing vehicles, ease the financial burden on importers and, potentially, improve access to vehicles for consumers.

It is one of several measures introduced under the Federal Government’s 2026 Fiscal Policy framework, which also revises tariffs on a range of imported goods and introduces other fiscal adjustments.

The fiscal measures also include the implementation of a Green Tax Surcharge on certain high-engine vehicles from July 1, alongside other customs and excise reforms.

 

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