Trending 
The Nigerian government has approved new 2026 fiscal policy measures introducing revised import tariffs across multiple sectors, with significant reductions on several key goods.
According to Cable News, the changes, contained in a circular dated April 1, 2026 and signed by Finance Minister Wale Edun, replace the 2023 fiscal policy framework and introduce a revised national tariff list covering 127 tariff lines.
The government said the adjustments are aimed at encouraging growth in critical sectors by lowering import costs on selected products.
Under the new regime, the import adjustment tax on crude palm oil has been reduced to 28.75 per cent from the previous higher rates, while fully built passenger vehicles, four-wheel drives and station wagons now attract a total effective tariff of 40 per cent, down from 70 per cent under the 2015 structure.
Importers who opened Form M before April 1 will also benefit from a 90-day grace period to clear goods at existing rates.
A new excise duty regime and green tax surcharge are scheduled to take effect from July 1, 2026.
The updated tariff schedule includes several revisions across food and industrial items.
Rice in bulk or packaging above 5kg now carries a 47.5 percent tariff, down from 70 percent, while broken rice is set at 30 percent, also reduced from 70 percent. Wheat or meslin flour remains at 70 percent.
Crude palm oil is fixed at 28.75 percent (down from 35 percent), margarine at 40 percent, and refined salt at 55 percent, reduced from 70 percent.
Sugar-related products also recorded cuts, with raw cane sugar now at 57.5 percent or 55 percent depending on classification, both down from 70 percent.
Paper products were also adjusted, with envelopes at 40 percent (down from 50 percent) and diaries or notebooks at 30 percent (down from 40 percent).
Ceramic goods saw reductions, including unglazed tiles at 35 percent (down from 40 percent), glazed tiles at 46.25 percent (down from 55 percent), and ceramic cubes under 7cm at 35 percent (down from 40 percent).
In the steel category, zinc-coated steel sheets, aluminium-coated coils, electrolytically plated steel, hot-rolled deformed bars, and steel rods all now attract 35 percent, reduced from 45 percent, while cold-rolled steel under 0.25 percent carbon is set at 15 percent.
Electrical and industrial equipment also saw adjustments, including electrical fuses at 10 percent (down from 20 percent), automatic circuit breakers at 10 percent (down from 20 percent), lamp holders at 10 percent (down from 20 percent), and air or vacuum pumps at 5 percent (down from 10 percent).
Machinery-related items such as railway locomotives (SKD/CKD), cargo ships above 500 tonnes, breathing apparatus and gas masks, and agricultural or manufacturing machinery are now at 0 percent (down from 5 percent), while modular surgical operating theatres are set at 5 percent (down from 20 percent).
The policy also introduced exemptions from the proposed green tax surcharge for vehicles below 2000cc, mass transit buses under heading 87.02, electric vehicles, and locally manufactured vehicles under several HS categories.
Officials said the revisions are intended to reduce import costs in strategic sectors while maintaining revenue stability and supporting domestic industry competitiveness.
