Nigerian govt waives N3.3tn fuel taxes , duties

President Bola Tinubu has announced the waiving of N3.3 trillion in fuel taxes and duties to alleviate economic strain on families and businesses. The waiver complements the decision by the Nigerian National Petroleum Company (NNPC) Retail to forego its profit margin for 30 days, prioritizing public transport operators. Tinubu stated that economic reforms were yielding results, citing lower transport costs and increased resources for federal and state governments.

He acknowledged that these gains had not yet translated into better living conditions for Nigerians and promised to intensify efforts to reduce food prices, create jobs, and expand access to essential services. Tinubu highlighted the benefits of investing in compressed natural gas (CNG) and electric-powered transport, noting that CNG buses were delivering savings with 120,000 vehicles converted.

He mentioned that Ekiti received 15 CNG buses, Lagos 20, Akwa Ibom had 50 buses ready for service, and Katsina introduced 30 CNG hybrid buses and 200 electric tricycles. Kano had received 30 CNG buses and five electric buses, with another deployment scheduled for Edo State.