President Bola Tinubu has approved a 15 per cent import tariff on petrol and diesel, a policy the Presidency describes as a strategic move to spur local refining and strengthen Nigeria’s energy independence.
In a statement released on Friday via his official X handle, the Special Adviser to the President on Media and Public Communications, Sunday Dare, said the decision was “a bridge, not a burden,” aimed at transforming the nation’s petroleum sector and ensuring long-term economic stability.
Dare noted that the new tariff policy reflects the administration’s determination to end Nigeria’s long-standing reliance on imported fuel, which has drained foreign exchange and discouraged local investment in refining.
“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,” he said.
The Presidency further explained that the import levy will serve as an incentive for private and public investors to channel resources into domestic refining projects, ensuring that more value is retained within the country’s oil and gas value chain.
