FG has cut import tariffs to 5% for used vehicles, 10% for new — Adeniyi
THE Comptroller-General of the Nigeria Customs Service, NCS, Adewale Adeniyi, said yesterday the federal government has reduced the import tariffs on used vehicles from 15 per cent to five and on brand-new vehicles from 20 per cent to 10. Adeniyi spoke when he appeared before the House of Representatives Committee on Customs and Excise to defend the service’s 2026 budget proposal. The Customs DG 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. Adeniyi said: “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 and levies on vehicles have been reduced significantly. For used vehicles, it has been reduced from 15 percent to five percent, and for brand-new vehicles, the...