The FG waives import duties on buses, EVs and other equipment as Federal Government of Nigeria roll out new policy to reduce inflation, lower transport cost and support businesses across the country.
The decision follow directive from President Bola Ahmed Tinubu, wey ask economic team to find solution to cushion the effect of rising fuel prices caused by global crisis.
Under the new policy, import duty on electric vehicles don drop from 5% to 0%, while mass transit buses also enjoy full waiver to make public transportation cheaper.
Manufacturing machinery no dey left out, as government also remove the 5% levy to reduce cost of production and boost industrial growth.
According to presidential aide Dada Olusegun, the move na part of broader strategy to control inflation, help businesses and make goods more affordable for Nigerians.
The policy come as global oil market dey unstable due to ongoing crisis involving United States, Israel and Iran, wey don affect crude oil supply.
The tension around Strait of Hormuz — major oil route — don push prices up and increase shipping costs worldwide.
Although oil prices drop small after ceasefire announcement earlier in April, fresh tension push prices rise again above $100 per barrel.
Experts believe say the FG policy fit help reduce pressure on Nigerians, especially in transportation and production sectors.
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