FG reduces used vehicle import levy to 5%, New vehicles to 10%
The Federal Government has reduced import tariffs on used vehicles from 15 per cent to five per cent and on brand-new vehicles from 20 per cent to 10 per cent. The Comptroller-General of the Nigeria Customs Service, NCS, Adewale Adeniyi, stated this on Monday when he appeared before the House of Representatives Committee on Customs and Excise duties to defend the service’s 2026 budget proposal. The Comptroller-General disclosed that the policy implementation began in May. Adeniyi said the revised excise tariffs on vehicles were contained in the 2026 fiscal policy measures. He said while the new policy was expected to improve revenue generation, the reduction in vehicle tariffs could negatively impact collections. “We have the new excise tariff, which is provided in the 2026 fiscal policy. We believe that these measures will increase our revenue collection. “Conversely, tariffs on vehicles […]