Tinubu’s 15% import duty on petrol, diesel aims to boost local refineries — Presidency

The Presidency has described President Bola Ahmed Tinubu’s approval of a 15 percent import duty on petrol and diesel as a strategic policy designed to strengthen Nigeria’s energy independence and stimulate domestic refining.

In a statement issued on Thursday by the Special Adviser to the President on Media and Public Communication, Sunday Dare, the government said the measure was not intended to burden Nigerians but to serve as a “bridge” toward self-sufficiency in fuel production.

Dare explained that the policy would make imported fuel less competitive, thereby encouraging investments in local refineries such as the Dangote Refinery and other modular plants across the country.

“For years, Nigeria has depended heavily on imported fuel despite being a leading crude oil producer, draining foreign exchange and exporting jobs that should have been created at home,” he said. “This new policy is designed to reverse that trend by boosting local capacity and ensuring that Nigeria’s oil wealth translates directly into national prosperity.”

According to him, as domestic refining expands and supply stabilizes, fuel prices are expected to moderate, while employment, investment, and industrial growth increase.

“This policy is therefore not a burden, but a bridge — from dependence to independence, from vulnerability to strength,” the statement concluded. To