The Federal Government has approved new fiscal policy measures for 2026, introducing notable changes to import tariffs.
In a circular dated April 1, 2026, and signed by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, the government stated that the new policy replaces the 2023 fiscal framework.
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As part of the reforms, a national list covering 127 tariff lines has been introduced, with lower import duty rates aimed at boosting growth in key sectors of the economy.
The document shows that the import adjustment tax on products such as crude palm oil has been reduced to an effective rate of 28.75 percent, compared to previous higher rates.
Likewise, tariffs on fully built passenger vehicles, including four-wheel drives and station wagons, have been cut to 40 percent, down from the 70 percent rate under the 2015 fiscal policy.
To ease the transition, the government granted a 90-day grace period for importers who opened Form ‘M’ before April 1, allowing them to clear their goods at the old rates.
Meanwhile, a new excise duty structure and a green tax surcharge will come into effect from July 1, 2026.
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