By Jemimah Wellington, JKNewsMedia Correspondent
NEW FISCAL policy measures for 2026 have been approved, introducing revised tariff rates and replacing the 2023 framework, the Federal Government has said.
JKNewsMedia.com reports that a circular dated April 1, 2026, and signed by Wale Edun, Minister of Finance and Coordinating Minister of the Economy, confirmed that the measures supersede the 2023 fiscal policy measures.
The document also outlined a national list of 127 tariff lines with reduced import duty rates aimed at promoting and stimulating growth in critical sectors of the economy.
The circular stated that the import adjustment tax on items such as crude palm oil has been set at a total effective rate of 28.75 percent, reduced from previous high tariff regimes.
It added that fully built units’ passenger motor vehicles, four-wheel drive motor vehicles and station wagons now attract a total effective tariff of 40 percent, down from 70 percent listed in the 2015 fiscal policy measures.
The FG also granted a 90-day grace period for importers who had opened Form M before April 1 to clear their goods at prevailing rates adding that a new excise duty regime and green tax surcharge will take effect from July 1, 2026.
Details from the gazette also showed revised rates across several goods, showing anti-malarial medicaments attract 20 percent, while rice in bulk or packing above 5kg is set at 47.5 percent, reduced from 70 percent.
Broken rice is fixed at 30 percent from 70 percent, while wheat or meslin flour remains at 70 percent.
Crude palm oil is set at 28.75 percent from 35 percent, margarine at 40 percent, and raw cane sugar ranges between 55 percent and 57.5 percent from 70 percent.
Refined salt is fixed at 55 percent from 70 percent, while envelopes are reduced to 40 percent from 50 percent and diaries or notebooks to 30 percent from 40 percent.
Ceramic tiles and cubes record reductions, with glazed ceramic tiles at 46.25 percent from 55 percent and unglazed tiles at 35 percent from 40 percent.
Steel products including zinc coated sheets, aluminium coated coils and electrolytically plated steel are set at 35 percent from 45 percent, while cold rolled steel below 0.25 percent carbon is fixed at 15 percent.
JKNewsMedia.com further reports that electrical apparatus such as fuses attracts 10 percent from 20 percent, while railway locomotives, cargo ships above 500 tonnes, breathing appliances and agricultural machinery are set at 0 percent from 5 percent.
Modular surgical operating theatres are fixed at 5 percent from 20 percent, while air compressors attract 5 percent from 10 percent.
Conclusively, the circular listed items excluded from the green tax surcharge, including vehicles below 2000cc, mass transit buses, electric vehicles and locally manufactured vehicles under specified headings.
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