TMSG Backs FG’s Tariff Cuts, Rejects Fuel Subsidy Return
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TMSG Backs FG’s Tariff Cuts, Rejects Fuel Subsidy Return
By Alabidun Shuaib AbdulRahman
The Tinubu Media Support Group, TMSG has commended the Federal Government’s decision to reduce import tariffs, describing it as a strategic intervention to cushion the rising cost of living triggered by the ongoing Persian Gulf crisis.
In a statement jointly signed by its Chairman, Emeka Nwankpa, and Secretary, Dapo Okubanjo, the group said the newly introduced fiscal policy measures reflected a more sustainable approach to economic management, rather than a return to fuel subsidy.
The group noted that at the onset of crises in the Middle East, which led to a surge in crude oil prices and its ripple effects on domestic prices, several stakeholders, including the Nigeria Labour Congress, had advocated the reintroduction of fuel subsidy or the use of oil windfalls for wage increases.
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It, however, argued that the decision of the administration of President Bola Tinubu to implement targeted fiscal reforms, including the reduction of import duties on various goods effective April 1, 2026, demonstrated a commitment to preserving the gains of ongoing economic reforms.
According to the statement, “With the Federal Government’s decision to roll out new fiscal policy measures, it is clear that the authorities are opting for a more strategic approach rather than knee-jerk initiatives that could reverse the gains of subsidy removal and the harmonised foreign exchange regime.”
The group disclosed that the new policy framework includes a substantial reduction in tariffs on 127 items, the introduction of an Import Adjustment Tax on 192 tariff lines, and an import prohibition list covering 17 items from non-ECOWAS countries.
Providing further details, the TMSG said import duties on fully-built passenger vehicles, including four-wheel drive cars and station wagons, had been reduced from 70 per cent to 40 per cent.
It added that food import tariffs were also adjusted, with bulk rice reduced to 47.5 per cent from 70 per cent, broken rice to 30 per cent, crude palm oil to 28.75 per cent, and raw sugar ranging between 55 and 57.5 per cent. Refined salt for human consumption, it said, now attracts a duty of 55 per cent.
The group further stated that duties on industrial and household items such as envelopes and notebooks had been reduced to 40 per cent and 30 per cent respectively, while ceramic tiles now attract 35 per cent for unglazed and 46.25 per cent for glazed variants.
While acknowledging concerns about the potential impact on local production, the group maintained that increased competition from imported goods could drive efficiency among domestic producers, ultimately benefiting consumers through improved quality and pricing.
The TMSG also aligned with the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, noting that lower tariffs on key industrial inputs would support local production and help mitigate the impact of global economic shocks.
“It is safe to say that these are deliberate measures aimed at protecting the economy and the citizenry, and not necessarily to hurt domestic businesses,” the statement added.
The group reaffirmed the Federal Government’s commitment to improving the welfare and living standards of Nigerians, regardless of ethnicity, religion, or political affiliation.
