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.
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.
In another development, GISTSMATE MEDIA reports that the World Bank has approved a fresh $1.25 billion loan for Nigeria under its Nigeria Actions for Investment and Jobs Acceleration programme, amid public concerns over the country’s rising debt burden and repeated calls for the Federal Government to reduce external borrowing.
The approval was announced in a statement issued by the World Bank on Wednesday alongside the launch of a new Country Partnership Framework for Nigeria covering 2026 to 2032.
The bank said the new framework would guide its support for Nigeria over the next six years, with a focus on creating jobs by unlocking private sector-led growth.
“The World Bank Group has endorsed a new Country Partnership Framework for Nigeria spanning 2026–2032, setting out a strategy to create more and better jobs at scale by unlocking private sector-led growth,” the statement read. READ MORE
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