The Federal Government has activated its 2026 Fiscal Policy Measure, with the import duty on used vehicles, popularly known as Tokunbo, slashed from 15 percent to 5 percent.
Comptroller-General of the Nigeria Customs Service, Adewale Adeniyi, confirmed this while defending the agency's 2026 budget proposal before the Senate and House of Representatives. He also disclosed that the Nigeria Customs Service has been given a revenue target of ₦11 trillion for the year.
Do you think this reduction will lead to lower vehicle prices, or will other factors keep costs high? Share your thoughts in the comments