The Tinubu Media Volunteers (TMV) have applauded the federal government’s decision to reduce the import levies on vehicles.
In a statement signed by its Chairman, Chukwudi Enekwechi, and Secretary, Segun Ogedengbe, the group expressed a conviction that the policy will reduce the burden on Nigerians and help bring down the prices of goods and services.
“It is noted that the federal government’s decision to slash levies on imported vehicles by 10% has officially come into effect, with prices of automobiles likely to drop.
“The policy, which is being implemented under the 2026 fiscal policy measures, reduces the import levy on imported new vehicles from 20% to 10%, while the levy on used vehicles has been reduced from 15% to 5%.
“We note that the policy is intended to lower import costs, stimulate economic activities and provide relief for businesses and consumers in the automotive sector.
“We believe that the decision of the President Tinubu administration to slash import levies is a welcome development as it will cushion the effect of the high cost of vehicles in the country.
“For us, it is a worthy intervention at a critical juncture in the country’s economy by the federal government. It shows a clear commitment to easing the financial strain on Nigerian families.
“It also shows that transportation and industrial sector development is at the core of the federal government’s reform agenda.
“Similarly, manufacturing machinery is imported with 0% duty, and this will lead to the revitalisation of the country’s industrial sector as well as boost productivity and create jobs in the country.
“The implementation of the policy also demonstrates the desire of the federal government to alleviate the plight of Nigerians as the prices of vehicles had gone to the rooftop, and became unaffordable to the majority of Nigerians.”
The group added that the Tinubu administration’s policy to reduce vehicle import levies will ultimately benefit all Nigerians.
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