By Erewunmi Peace

The Federal Government of Nigeria has introduced a new tariff policy under its 2026 fiscal measures, reducing import duties on several key goods as part of efforts to ease economic pressure and support businesses.

The revised policy includes lower import duties on essential items such as rice, vehicles, sugar, and certain pharmaceutical products. The move is aimed at making these goods more affordable and improving access for consumers across the country.

According to officials, the tariff review is part of a broader reform affecting over 100 imported items. The policy is designed to stimulate economic growth, reduce inflationary pressures, and encourage trade.

In addition to the duty reductions, the government also introduced new measures, including excise duties and environmental (green) taxes on selected goods, reflecting a balanced approach to revenue generation and economic relief.

Economic analysts say the policy could provide some relief for households and businesses, although its overall impact will depend on effective implementation and market response.

The Federal Government has reiterated its commitment to implementing policies that promote economic stability and improve the standard of living for Nigerians.