The Federal Government has agreed to new 2026 fiscal policy measures reducing import tariffs on some goods like vehicles, rice, palm oil, and sugar with the aim of stimulating economic growth and ease pressure on consumers.
The policy, announced in a circular signed by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, introduces a revised framework that replaces the 2023 fiscal guidelines, signaling a shift in the government’s economic strategy.
According to the government, the tariff reductions are aimed at lowering the cost of essential goods, supporting local industries, and improving trade competitiveness. The move is also expected to help address inflation and increase access to critical commodities across the country.
