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The Digest:

The Presidency has confirmed and defended President Bola Tinubu's approval of a 15% import tariff on petrol and diesel. Described as a "bold and strategic move," the policy aims to reshape Nigeria's energy landscape by promoting local refining and reducing dependence on imported fuel.

Key Points:
  • A 15% import duty has been approved for petrol and diesel.
  • The policy is designed to discourage fuel imports and boost local refining.
  • The Presidency stated it aims to protect refineries like Dangote and Port Harcourt.
  • Officials argue it will strengthen Nigeria's long-term energy independence.
  • The tariff is set to take effect after a 30-day transition period.
  • Petroleum marketers warn it could push pump prices above ₦1,000 per litre.
  • The government assures that prices will moderate as local supply increases.
This decisive shift from importer to producer charts a contentious course, where short-term economic pain is weighed against the promise of future energy sovereignty.

Sources: Daily Trust