Business

FG Slashes Import Duties on EVs, Buses, Machinery to Ease Inflation

Published

3 months ago

April 13, 2026

Preport

BY TONIA MADU—The Federal Government on Monday slashed import duties on several essential goods, including mass transit buses, electric vehicles, and industrial machinery, in a move aimed at easing inflationary pressures and reducing the burden of rising energy and global economic challenges.

The decision follows a directive from President Bola Ahmed Tinubu instructing economic managers to roll out interventions to cushion the effects of global disruptions, including tensions in the Middle East.

According to a statement posted on X by the President’s Special Assistant on Social Media, Dada Olusegun, the reforms are part of broader fiscal measures designed to stabilise prices and support local businesses.

Under the new structure, import duties on electric vehicles have been eliminated from five per cent to zero, while mass transit buses have also been granted full duty exemption. Duties on manufacturing machinery have similarly been removed to reduce production costs and encourage industrial growth.

Other adjustments include a reduction in tariffs on raw cane sugar from 70 per cent to between 55 and 57.5 per cent, and a cut in crude palm oil duties from 35 per cent to 28.75 per cent.

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Business

FAAN unveils 2025 bye-laws

Published

3 hours ago

July 22, 2026

Preport

The Federal Airports Authority of Nigeria (FAAN) has unveiled its 2025 Bye-Laws, marking the first comprehensive review of the authority’s regulatory framework in 21 years.

The new bye-laws were officially launched by the Chairman of the FAAN Board, Umar Ganduje, who commended the management for successfully reviewing the legal framework to reflect current realities in the aviation industry. He described the revised bye-laws as a significant milestone that will strengthen airport governance and enhance operational efficiency across the authority.

Speaking at the unveiling, the Managing Director/Chief Executive of FAAN, Olubunmi Kuku, said the previous bye-laws, last reviewed in 2005, had become outdated and were no longer effective in addressing the demands of the modern aviation environment.

She explained that the 2025 Bye-Laws were developed in line with current aviation realities and FAAN’s evolving operational framework to ensure the Authority remains responsive to emerging challenges and global best practices.

READ ALSO: FAAN set to transform domestic air travel with V-Pass facial recognition system

According to Mrs Kuku, the revised bye-laws will serve as a comprehensive operational guide for FAAN staff, airport users, stakeholders and relevant partners, while promoting safer, more secure and commercially viable airport operations across the country’s airport network.

She added that the new framework reinforces FAAN’s commitment to regulatory compliance, operational excellence and improved service delivery in Nigeria’s aviation sector.

Business

Senate Passes Bill to Rename NAICOM as Insurance Regulatory Commission

Published

11 hours ago

July 22, 2026

Preport

BY NKECHI NAECHE-ESEZOBOR—The Senate on Tuesday passed a bill seeking to rename the National Insurance Commission (NAICOM) as the Insurance Regulatory Commission.

If enacted, the proposed law will establish an Insurance Regulatory Commission and repeal the existing legislation that established the National Insurance Commission (NAICOM).

Under the proposed framework, the new regulatory body would be responsible for providing guidance to the Federal Government on policies concerning natural disaster risks and other important issues affectcing the insurance sector.

The bill was sponsored by the Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, Senator Mukhail Adetokunbo Abiru (APC, Lagos East).

Presenting the report, Abiru said “The current National Insurance Commission Act 1997 is outdated and does not adequately address the emerging economic growth, needs and development of the insurance business.”

“Despite its the commission’s vsignificant contributions, the enabling law has become obsolete, failing to align with current realities and global best practices, and unable to keep pace with the evolving nature of the insurance industry, exposing numerous gaps in the law and necessitating urgent amendments,” he said.

Regarding administrative leadership, Abiru explained that the draft law outlines precise criteria for director appointments, guaranteeing that solely qualified specialists with backgrounds in risk mitigation, law, financial systems, corporate management, and underwriting obtain leadership seats.

He noted further that this updated statute equips the agency to offer enhanced strategic guidance and supervisory control, driving the expansion of the nation’s coverage market

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