The federal government of Nigeria has approved tariff cuts and slashes on cars, food item and other commodities in the 2026 fiscal policy measures (FPM).
ENigeria Newspaper gathered that the federal government, through Finance Minister Wale Edun, and in a circular dated April 1, 2026, announced that the new measures supersede the 2023 FPM, and it contains significant tariff amendments on fresh fiscal policies on roughly numbering thirty products.
A list of 127 tariff lines with lower import tax rates is part of the program, which aims to promote and stimulate growth in critical sectors of the economy.
One of such significant drive is the tariff reduction in cars. Compared to the 70% in the 2015 fiscal policy measures, fully-built passenger cars, four-wheel drive cars, and station wagons now only pay a 40% total effective tariff. In addition, and in contrast to other high-tariff regimes, the import adjustment tax (IAT) on goods such crude palm oil has been set at a total effective rate of 28.75 percent.
Other item from the circular include ; Anti-malarial medicaments (20 per cent; rice (In bulk or packing of 5kg now attracts a 47.5 per cent reduction) as against 70 per cent. Broken rice drops to 30 percent from 70 percent, wheat or meslin flour stand at 70 percent. Other affected items are crude palm oil (now 28.75 per cent from 35 per cent), margarine (excluding liquid)– 40 per cent. Raw cane sugar (Beet sugar) drops to 57.5 per cent from 70 per cent, Raw cane sugar (Other) is now 55 per cent (reduced from 70 per cent).
Cane/Beet sugar (Powder/Granule) drops from 70 per cent to 57.5 per cent. Refined salt (for human consumption) equally dropped from 70 per cent to 55 per cent; envelopes 40 per cent (reduced from 50 per cent) and Diaries/notebooks came down from 40 per 30 per cent (reduced from 40 per cent).
Also in the fiscal document are Wheat or Meslin flour: 70 percent; Crude palm oil: 28.75 percent (reduced from 35 percent); Margarine (excluding liquid): 40 percent; Raw cane sugar (Beet sugar): 57.5 percent (reduced from 70 percent); Raw cane sugar (Other): 55 percent (reduced from 70 percent); Cane/Beet sugar (Powder/Granule): 57.5 percent (reduced from 70 percent), Refined salt (for human consumption): 55 percent (reduced from 70 percent); Envelopes: 40 percent (reduced from 50 percent), Diaries/Notebooks: 30 percent (reduced from 40 percent); Unglazed ceramic tiles: 35 percent (reduced from 40 percent); Glazed ceramic tiles: 46.25 percent (reduced from 55 percent); Ceramic cubes (<7cm): 35 percent (reduced from 40 percent); and Zinc-coated steel sheets: 35 percent (reduced from 45 percent), among others.
The circular also showed that importers who opened Form “M” prior to April 1 were given a 90-day grace period by the government to clear their goods at current rates.
However, by July 1st, the green tax surcharge and a new excise duty regime are scheduled to go into force.
