The presidency has defended the 15 per cent import duty on refined petroleum products recently approved by President Bola Tinubu, stating that the policy aims to reshape Nigeria’s energy landscape.
“It’s no longer news that President Bola Ahmed Tinubu has approved a 15 per cent import duty on petrol and diesel — a bold and strategic move aimed at reshaping Nigeria’s energy landscape,” presidential spokesperson Sunday Dare said on Friday.
Former SDP presidential candidate Adewole Adebayo, in an interview on Channels TV, slammed the policy as “anti-people”, accusing Mr Tinubu of burdening Nigerians with endless taxes amid unprecedented hardship.
However, Mr Dare said the new policy was designed “to reverse that trend by encouraging local refining, boosting domestic capacity and ensuring that Nigeria’s oil wealth translates directly into national prosperity”.
According to the presidency, the policy became essential because Nigeria had long depended heavily on imported fuel, despite being a leading crude oil producer, which drained foreign exchange and led to the export of jobs that should have been created at home.
Mr Dare described the policy “as a bridge from dependence to independence, from vulnerability to strength”, adding it would expand jobs, investment, and industrial activity.
“By making imported fuel less competitive, the government is tilting the market in favour of local refineries such as Dangote and other modular plants, laying the groundwork for a self-sustaining and resilient energy sector.
“As local refining ramps up and supply strengthens, prices are expected to moderate while jobs, investment, and industrial activity expand,” Mr Dare explained.
