By Exceed FM Business Desk
The Federal Government has reduced import levies on vehicles entering Nigeria, effective on Wednesday 1 July, 2026.
New Rates Announced
Under the new directive, the levy on new vehicles has been cut from 20% to 10%. The levy on used vehicles, commonly called tokunbo, has been reduced from 15% to 5%.
The move is aimed at easing the cost of vehicle importation into the country. What It Means
The reduction is expected to lower the landing cost of vehicles at the ports, and could reflect in retail prices for Nigerians looking to buy new or fairly-used cars.
