FG’s Slashed Import Tariffs to Cushion Gulf Crisis Impact – TMSG
Oru Leonard
The Tinubu Media Support Group (TMSG), has commended the Federal Government’s decision to reduce import tariffs, describing it as a strategic intervention to mitigate the rising cost of living triggered by the ongoing Gulf crisis.
In a statement issued by its Chairman, Emeka Nwankpa, and Secretary, Dapo Okubanjo, the group said the policy move demonstrates a deliberate effort by the administration of Bola Ahmed Tinubu to shield Nigerians from global economic shocks without reversing ongoing reforms.
According to TMSG, the fiscal measures, which took effect from April 1, 2026, offer a more sustainable alternative to calls for the reintroduction of fuel subsidy or wage increases being advocated by groups such as the Nigeria Labour Congress.
The group noted that the government’s approach reflects a commitment to preserving the gains of key economic policies, including subsidy removal and the harmonisation of foreign exchange windows, while addressing immediate cost pressures.
“At the onset of tensions in the Middle East, which led to a spike in crude oil prices and its ripple effects on living costs, there were calls for subsidy reinstatement. However, the government has opted for targeted fiscal measures that are more strategic and reform-friendly,” the statement read.
TMSG highlighted key components of the new fiscal framework, including tariff reductions on 127 items, the introduction of an Import Adjustment Tax (IAT) across 192 tariff lines, and an import prohibition list covering 17 items from non-ECOWAS countries.
It cited notable reductions such as import duties on fully built vehicles, which have been cut from 70 per cent to 40 per cent, alongside significant adjustments in food import tariffs. Bulk rice duties have been lowered to 47.5 per cent from 70 per cent, while broken rice now attracts 30 per cent. Crude palm oil imports are pegged at 28.75 per cent, and refined salt stands at 55 percent.
The group also pointed to reduced tariffs on industrial and household goods, including envelopes, notebooks, and ceramic tiles, describing the measures as broad-based interventions designed to ease consumer costs.
While acknowledging concerns about the potential impact on local production, TMSG argued that increased competition from imports could drive efficiency and improve product quality within domestic industries.
It further aligned with the position of the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, that lowering tariffs on key industrial inputs would stimulate local production and help buffer the economy against external shocks.
“These are deliberate measures aimed at protecting both the economy and citizens, not policies designed to undermine local businesses,” the group stated.
TMSG reassured Nigerians of the Federal Government’s commitment to improving living standards and safeguarding economic stability amid global uncertainties.
