The Federal Government has approved a reduction in import duties on buses, electric vehicles and manufacturing machinery to ease rising costs and support businesses.

The policy follows a directive by President Bola Ahmed Tinubu to economic managers to introduce measures aimed at cushioning the effects of the global economic pressure on Nigerians.

Details of the decision were disclosed in a statement shared on X by the President’s Special Assistant on Social Media, Dada Olusegun, who described the move as part of broader fiscal interventions to curb inflation and improve affordability.

“President Tinubu’s administration has approved a massive reduction in import duties of selected products in order to further reduce inflation, empower local businesses and increase affordability for consumers,” he said.

Under the new policy, import duties on electric vehicles have been reduced from five per cent to zero, while mass transit buses also received full duty exemption, dropping from five per cent to zero.

The levy on manufacturing machinery has similarly been scrapped to lower production costs and boost industrial output.

The development comes amid disruptions in global oil supply linked to tensions in the middle east, particularly around the Strait of Hormuz.

In addition, the government approved reduction in duties across other sectors, including raw cane sugar, crude palm oil, passenger vehicle, rice, steel products and ceremic tiles.

The government also introduced a 90-day transition window beginning April 1 to allow markets adjust gradually to the new policy.