FG cuts vehicle import levies as naira hits ₦1,385/$ amid bandit attacks in Katsina, Benue

The Federal Government has officially reduced vehicle import levies under the 2026 Fiscal Policy Measures, potentially lowering car prices nationwide. Import levy on new vehicles dropped from 20% to 10%, while used vehicles decreased from 15% to 5%—though auto dealers are still seeking clarity on the new Green Tax before assessing full impact.

Simultaneously, the naira strengthened to ₦1,385 per dollar in the parallel market (up from ₦1,390 Tuesday) and ₦1,369 in the official NFEM window. The Presidency also cleared Chief of Staff Femi Gbajabiamila of bribery allegations regarding N27.4 billion take-off grant claims.

Security concerns persist across two states: Bandits wielding AK-47s attacked Dansarai community in Katsina State's Malumfashi LGA on Tuesday, while scores were reportedly killed in a 2am Wednesday raid on Sai Community in Benue's Katsina-Ala LGA. Rev. Dr Samuel Gbinde and two congregants were abducted from his Benue residence.

Operation Delta Safe documented significant gains in Q2: 6 criminals neutralized, 84 suspects arrested, 12 illegal refining sites dismantled, and 464,268 liters of stolen petroleum recovered. Additionally, NDLEA seized 6,778.5kg of Canadian Loud cannabis at Apapa Port following joint operations with Nigeria Customs.

Will the levy reduction translate to meaningful savings on your next car purchase, or will Green Tax complexities offset the announced benefits?

SOURCE: https://dailypost.ng/2026/07/02/nigerian-newspapers-10-things-you-need-to-know-thursday-morning-133/