The Federal Government has announced sweeping reductions to import duties on essential goods, from food staples to passenger vehicles.
The new rates aimed at combating the rising cost of living in the country take effect this July
The 2026 Fiscal Policy Measures (FPM) was approved by Finance Minister and Coordinating Minister of the Economy, Taiwo Oyedele, on Wednesday.
The new policy slashes duties on a wide range of items central to household consumption and industrial activity, targeting a staggering 127 tariff lines with reduced rates.
The new plan by the FG revealed a clear attempt to ease the financial strain on Nigerian families. For staple foods, the results are stark. The duty on bulk rice is almost halved, from a punishing 70 per cent to 47.5 per cent, while broken rice sees an even steeper reduction to 30 per cent.
