The presidency has defended President Bola Tinubu’s approval of a 15% import duty on refined petroleum products, describing it as a step toward transforming Nigeria’s energy sector.
In a statement issued Friday by presidential spokesperson Sunday Dare, the government said the policy is meant to boost local refining, create jobs, and strengthen the economy. Dare noted that with refineries such as Dangote increasing output, fuel prices are expected to stabilize over time.
“For years, Nigeria has relied on imported fuel despite being a major crude oil producer, draining foreign exchange and exporting jobs,” Dare said. “This policy aims to reverse that by making imported fuel less competitive and encouraging domestic production.”
He added that the tariff would lay the foundation for a “self-sustaining and resilient energy sector,” predicting that as local refining grows, prices will ease and industrial activity will expand.
Tinubu approved the 15% ad valorem duty on petrol and diesel imports in a letter dated October 21, 2025, directing immediate implementation under a “market-responsive import tariff framework.”
However, fuel marketers have warned that the new duty could raise pump prices and further strain consumers.
