The Tinubu Media Support Group (TMSG) has said the Federal Government’s decision to reduce import tariffs is a strategic intervention that will help cushion the impact of the ongoing Persian Gulf crisis on the cost of living in Nigeria.
In a statement signed by its Chairman, Emeka Nwankpa, and Secretary, Dapo Okubanjo, the group commended the fiscal policy adjustments introduced by the administration of President Bola Tinubu, describing them as more sustainable than reintroducing fuel subsidy.
TMSG noted that while the spike in global crude oil prices triggered by tensions in the Middle East had led to renewed calls for subsidy reinstatement, the government opted for broader fiscal reforms aimed at stabilising the economy.
“At the outset of the tension in the Middle East that led to a spike in the price of crude oil and its attendant effects on the cost of living, many analysts had called on the Tinubu administration to consider reintroducing fuel subsidy,” the group said.
It added that some stakeholders, including the Nigeria Labour Congress, had also pushed for the windfall from higher oil prices to be used for wage increases and salary adjustments.
However, TMSG argued that the government’s decision to introduce tariff reductions on selected imports represents a more “strategic approach” rather than short-term palliatives.
The group highlighted key components of the new fiscal policy framework, including a substantial reduction in tariffs on 127 items, an Import Adjustment Tax on 192 tariff lines, and an import prohibition list covering 17 items from non-ECOWAS countries.
It further explained that import duties on fully-built passenger vehicles, four-wheel drive cars, and station wagons have been reduced from 70 per cent to 40 per cent, while food-related imports such as rice and palm oil also recorded significant tariff adjustments.
According to TMSG, bulk rice now attracts a 47.5 per cent duty, down from 70 per cent, while broken rice is reduced to 30 per cent. Crude palm oil imports are fixed at 28.75 per cent, and raw sugar ranges between 55 and 57.5 per cent.
Industrial and household items were also affected, with duties on envelopes reduced to 40 per cent, notebooks to 30 per cent, and ceramic tiles adjusted between 35 per cent and 46.25 per cent depending on type.
TMSG maintained that while concerns about domestic production exist, increased exposure to global competition would ultimately improve efficiency, pricing, and product quality in the long run.
The group also backed comments by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, who said the reforms would strengthen local production and shield the economy from external 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 group added.
TMSG further assured Nigerians of the Federal Government’s commitment to improving welfare and living standards across all demographics irrespective of ethnicity, religion, or political affiliation.
