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The Digest:

President Bola Tinubu has approved a 15% import duty on petrol and diesel, a move expected to push the pump price of petrol above N1,000 per litre for most Nigerians. According to the Daily Post, the new duty will add nearly N100 to the current cost of a litre, increasing the financial strain on citizens and businesses who still rely on imports for 69% of their petrol supply.

Key Points:
  • President Tinubu has approved a 15% import duty on imported petrol and diesel.
  • The duty is expected to add nearly N100 to the current price per litre.
  • This will push the pump price of petrol above N1,000 per litre in many stations.
  • 69% of Nigeria's petrol supply is still met through imports.
  • The policy makes locally produced fuel from Dangote Refinery more competitive.
  • The approval was granted following a request from the Federal Inland Revenue Service (FIRS).
  • This comes amidst other recent tax directives from the FIRS.
This new levy marks another significant step in the administration's withdrawal of subsidies, directly transferring the full cost of energy onto consumers and further escalating the cost of living.

Sources: Daily Post