President Bola Ahmed Tinubu has ordered the suspension of the Import Tax Adjustment levy on specific vehicles.

The announcement was made by Dele Alake, Special Adviser to the President, during a press conference with State House Correspondents.

This decision is part of four Executive Orders signed by the President, aimed at reducing the burden of multiple taxation and creating a more favourable environment for local and foreign businesses.

Recall that the Federal Government had expressed its intention to impose Import Adjustment Tax (IAT) on motor vehicles as part of green emission development in Nigeria.

In reaction, the Manufacturers Association of Nigeria (MAN) has called for caution, stating that Nigeria is not yet ready for electric vehicles due to logistical and financial constraints faced by small and medium-scale enterprises.

More details coming…