FG Slashes Vehicle Import Levies, Introduces Green Tax to Ease Cost of Living

FG Slashes Vehicle Import Levies, Introduces Green Tax to Ease Cost of Living

By Staff Reporter

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The Federal Government has announced a reduction in vehicle import levies while introducing a new Green Tax as part of its 2026 fiscal policy aimed at balancing environmental sustainability with economic relief.


The Nigeria Customs Service (NCS) said the import levy on new vehicles has been reduced from 20 per cent to 10 per cent, while the levy on used vehicles has dropped from 15 per cent to five per cent.


Officials said the measure is expected to lower the cost of importing vehicles and, ultimately, reduce prices for consumers struggling with the rising cost of living.


At the same time, the newly introduced Green Tax surcharge is intended to promote environmentally friendly policies by encouraging cleaner transportation and sustainable practices.


The government said the policy seeks to strike a balance between easing economic pressure on Nigerians and meeting long-term environmental goals.


Stakeholders are, however, expected to monitor whether the reduction in import levies will translate into lower vehicle prices or be absorbed by market forces.


Should dealers be compelled to pass the savings to buyers, or will Nigerians still pay the same high prices?


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