Fuel prices will eventually moderate – Tinubu Spokesperson on 15% petrol import duty. Spokesperson to President Bola Tinubu, Sunday Dare, has claimed the president’s approval of a 15 per cent import duty on petrol and diesel is a bridge and not a burden on Nigerians. Dare made the assertions in a statement on his X account on Friday, while reacting to Tinubu’s approval of a 15 per cent import duty on petrol and diesel. Recall that there has been diverse reactions from Nigerians, stakeholders and economists alike over the new tariffs and their possible impact on the price of fuel and diesel. In a clarification, Dare said the policy is designed to reverse the fuel and diesel import dependency trend by encouraging local refining, boosting domestic capacity, and ensuring that Nigeria’s oil wealth translates directly into national prosperity. He noted that the tariff will mark imported fuel as less competitive and encourage local refineries such as Dangote Refinery. He said as local refining ramps up and supply strengthens, prices of petrol are expected to moderate while jobs, investment, and industrial activity expands. “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. “For years, the nation 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

Fuel price increase looms as tinubu approves 15% import tariff on petrol,diesel. Fuel prices in Nigeria are expected to increase as President Bola Tinubu has approved a 15% import tariff on petrol and diesel, to take effect immediately. According to a government document obtained by THISDAY, the decision aims to protect local refineries, stabilise prices, and strengthen energy security under the administration’s Renewed Hope Agenda. While the tariff could push pump prices up by about ₦150 per litre, the report stated that the real impact may not exceed ₦100 per litre. The directive, copied to the Attorney General, FIRS Chairman, and NMDPRA Chief Executive, introduces a 15% ad-valorem duty on the Cost, Insurance, and Freight (CIF) value of imported fuels. Payments will be made into a designated federal government account, verified by the NMDPRA before any fuel is discharged. The policy is intended to prevent cheap imports from undercutting local refiners like the Dangote Refinery, and to ensure fair competition in the downstream market. Though the proposal suggested a 30-day transition period, the President reportedly ordered immediate implementation. Officials insist the move is not revenue-driven, but designed to align import costs with domestic realities while keeping prices lower than those in neighbouring countries. However, industry stakeholders have raised concerns, warning that the tariff could further strain consumers, as Nigeria still imports over 60% of its refined petroleum products.

Primate Ayodele Predicts Soaring Dollar and Fuel Prices Under Tinubu’s Administration The Leader of INRI Evangelical Spiritual Church, Primate Elijah Ayodele, has warned that Nigeria could face further economic challenges under President Bola Ahmed Tinubu, including a sharp rise in the exchange rate and petrol prices. In a recent prophetic message shared on Facebook, Ayodele revealed that he foresaw the naira weakening further against the U.S. dollar, possibly hitting ₦900 per dollar. “Nigeria’s dollar can go to 900 naira,” he declared. “It’s not ideal, but there are certain steps the government may take that could push the dollar that high.” He also cautioned that petrol prices might climb beyond current levels, warning Nigerians to prepare for the possibility of paying up to ₦550 per litre. Despite his warnings, the cleric commended President Tinubu for his mental alertness and decision-making ability, contrasting his leadership style with that of former President Muhammadu Buhari. “Tinubu is old, but sound mentally. What Tinubu has done, Buhari didn’t do. Nigerians may not like him, but he can surprise them,” Ayodele said. However, he reiterated that the Muslim-Muslim ticket that brought Tinubu to power was a fundamental political mistake that deepened discontent and division among citizens. While acknowledging that the nation faces tough economic times, Ayodele insisted that the government still holds the key to preventing these dire outcomes through effective policies and timely reforms. “There is a step to take that will either prevent or make all of this materialize,” he concluded.

Over N2trn Lost to Dubious Subsidy Claims Under Former President Goodluck Jonathan’s Administration — Businessman Femi Otedola Billionaire businessman, Femi Otedola, has alleged that more than ₦2 trillion was siphoned through questionable petrol subsidy claims during the administration of former President Goodluck Jonathan. In a statement on Monday, Otedola backed the Dangote Petroleum Refinery in its ongoing dispute with the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN). DAPPMAN had accused the refinery of destabilizing the market with its fuel price cuts, but Dangote countered, claiming the group demanded an annual subsidy of ₦1.5 trillion to enable members match its depot prices. Otedola, however, maintained that the subsidy regime was deliberately structured to benefit depot owners, making DAPPMAN members the biggest beneficiaries. “I warned President Jonathan at the time that he was being misled. The system encouraged rent-seeking and corruption. Over ₦2 trillion was siphoned through dubious claims tied to depot licences,” he said. He further dismissed the notion that depots significantly create jobs, noting that a typical facility employs only a handful of people, unlike filling stations that hire dozens. Otedola urged DAPPMAN members to shift their focus to retail operations rather than holding on to depots designed for an import-driven fuel economy, which, according to him, has become redundant with Nigeria now refining locally. He likened the development to the transformation of Nigeria’s cement industry, where reliance on import terminals gave way to domestic production.

States Revenues Have Doubled Since Fuel Subsidy Removal — FG. The Federal Government says state governments now earn significantly more following the removal of petrol subsidy by President Bola Tinubu’s administration in May 2023. Coordinating Minister of Finance, Wale Edun, disclosed this on Thursday at the National Health Financing Dialogue in Abuja. He explained that although ending the subsidy on Premium Motor Spirit (PMS) was a tough decision, it has yielded positive results. According to him, the reform has boosted states’ finances, giving them more than double the funds they previously had, enabling them to contribute meaningfully to critical sectors. Edun noted that the subsidy regime only enriched a few individuals, including foreigners, while consuming about 2.5% of the country’s GDP. He stressed that its removal has freed up resources for investment in education, healthcare, and infrastructure. While fuel prices initially surged above ₦1,000 per litre and later dropped below ₦900, Edun said inflation has also begun to ease, falling to 21.88% in July from 22.22% in June, after peaking around 27% last year. Food inflation also declined to 22.74% year-on-year in July, compared to 39.53% in the same period last year. He maintained that the reforms, though painful, are designed to rebuild the economy, restore investor confidence, and create opportunities across all sectors.

From Renewed Hope to Renewed Hardship: Life Under Tinubu Many Nigerians describe President Bola Ahmed Tinubu’s regime as “the worst” because of the following issues that have hit people hard: 1. Economic Hardship • Fuel Subsidy Removal: The sudden removal of fuel subsidy in May 2023 caused fuel prices to triple, leading to skyrocketing transport and food costs. • Naira Depreciation: The naira lost much of its value after Tinubu floated the currency. This made imports more expensive, driving inflation. • High Inflation: Inflation has reached record highs, with food inflation especially severe, pushing millions deeper into poverty. 2. Cost of Living Crisis • Rising electricity tariffs, fuel prices, and basic commodity costs have made life extremely difficult for ordinary Nigerians. • The middle class is shrinking, and many families can no longer afford essentials like education, healthcare, and even food. 3. Poor Governance & Corruption Concerns • Critics argue Tinubu’s appointments are heavily tilted towards loyalists rather than competence. • Perceived lack of transparency in government contracts, loans, and policies has fueled distrust. 4. Insecurity • Banditry, kidnapping, and insurgency continue despite promises of improved security. • Many communities in the North and Middle Belt still face regular attacks. 5. Public Outrage & Protests • Widespread protests (like #EndBadGovernance in 2024–2025) have erupted over hardship. • Tinubu’s administration has been accused of using excessive force and intimidation against protesters. 6. Erosion of Trust • Many Nigerians feel Tinubu came to power through a controversial election with allegations of rigging and manipulation. • Promises of “renewed hope” have turned into what many call “renewed hardship.” ⸻ 👉 In short: Nigerians see Tinubu’s government as “the worst” because it combined sharp economic decline, high living costs, insecurity, and governance concerns—with little visible relief for the suffering majority.

Nigerians, Tinubu's policies have plunged us into deeper hardship, skyrocketing fuel prices, crippling inflation, and unfulfilled promises. His reforms enrich the elite while we starve. Youth unemployment soars, yet he ignores our cries. #EndBadGovernance went viral for a reason; our pain is real! Share this truth, amplify our voices, and demand accountability. Let’s expose this failure and push for change. Nigeria deserves better! #TinubuMustGo.

NNPCL reduces fuel price. The Nigerian National Petroleum Company Limited, NNPCL, has reduced its premium motor spirit price. DAILY POST correspondent gathered that the NNPCL retail outlets in Abuja on Saturday slashed their petrol pump price to N910 per litre from N945. This was the case in NNPCL filling stations in Zone 6, Kubwa Expressway, Wuse Zone 4, and other parts of Abuja. The new petrol price at the state-owned oil firm represents a N30 drop from its earlier N945 per litre price. The development comes barely four days after Dangote Refinery reduced its petrol ex-depot price to N840 per litre from N880 following a drop in global crude oil prices. Members of the Independent Petroleum Marketers Association also announced a reduction in the petrol price to between N930 and N940 per litre from N945 and N975 in Abuja and N890 per litre, down from N925 in Lagos State.

Dangote Refinery reduces fuel price as petrol marketers hold emergency meeting. Nigeria’s Dangote Refinery has reduced its premium motor spirit ex-depot price to N840 from N880 per litre. This comes as petroleum product marketers plan an emergency meeting to drop fuel prices from Tuesday. The President of the Independent Petroleum Marketers Association of Nigeria, Abubakar Maigandi, disclosed this to DAILY POST during an exclusive interview on Monday. “It is true. Dangote Refinery reduced its petrol ex-depot price to N840 from N880 per litre on Monday. We are happy. “Our members would implement the new price once they load new products,” he stated. This showed that the 650,000-barrel per-day refinery slashed its petrol ex-depot prices by N40 per litre. Marketers will drop petrol price nationwide Tuesday IPMAN Maigandi said petroleum marketers will be having an emergency meeting on Tuesday to decide on a new petrol price nationwide. We will be meeting on Tuesday to review our PMS prices following the latest petrol reduction announced by Dangote. Certainly the petrol price would come down from tomorrow,” he told DAILY POST.