by Godwin Orozo-
President Bola Tinubu has approved a 15 percent import duty on diesel and petrol, marking a significant policy shift in Nigeria’s fuel import regime.
The new tariff, aimed at boosting government revenue and encouraging local refining, will apply to all imported refined petroleum products entering the country.
Officials say the decision aligns with Tinubu’s broader economic reforms to strengthen the naira and reduce reliance on fuel imports. However, industry observers warn that the move could drive up fuel prices and transport costs in the short term, with potential ripple effects on inflation.
Further details on the implementation timeline and exemptions, if any, are expected from the Federal Ministry of Finance in the coming days.
