[10/31, 8:07 PM] null: Presidency Defends 15% Fuel Import Tariff.

The Presidency has confirmed President Bola Tinubu’s approval of a 15% import duty on petrol and diesel, saying the move is intended to boost local refining and reduce Nigeria’s reliance on imported fuel.

The announcement was made by the Special Adviser to the President on Media and Public Communications, Sunday Dare, in a statement posted on X on Friday. He described the policy as “a bridge, not a burden,” aimed at reshaping Nigeria’s energy sector for long-term stability.

Dare said the tariff is meant to discourage fuel importation, encourage investment in domestic refining, and help Nigeria take control of its energy supply after years of depending on foreign refineries.

He noted that despite being a major crude oil producer, Nigeria has spent years importing refined products, which drained foreign exchange and cost the nation jobs.

According to him, the new policy gives a competitive edge to local refineries such as Dangote Refinery, the Port Harcourt Refinery, and modular refineries currently being developed.

“By making imported fuel less competitive, the government is tilting the market in favour of local refineries, laying the groundwork for a self-sustaining and resilient energy sector,” he stated.

Dare added that as local refining output increases, fuel availability will improve and pump prices are expected to stabilize, while job creation and industrial activity expand.

However, petroleum marketers have warned that the policy could push petrol prices above ₦1,000 per litre in the short term. Government officials argue that temporary price pressure is necessary to secure long-term gains.

The 15% tariff will take effect after a 30-day transition period, ending November 21, 2025.

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

"Give President Tinubu Time, He Will Tax the Air We Breathe" —SDP’s Adewole Adebayo.

The 2023 presidential candidate of the Social Democratic Party (SDP), Adewole Adebayo, has condemned the federal government’s decision to impose a 15 per cent import duty on refined petroleum products. 

Adebayo described the move as “an anti-people decision” and accused President Bola Tinubu of pushing excessive taxation policies.

Speaking during an interview on Channels Television’s Politics Today on Thursday, Adebayo argued that the administration is prioritising revenue collection over citizens’ welfare.

According to him, “President Tinubu is a clever tax collector. He wants to collect taxes from you for everything, including the oxygen tax, very soon.
If you’re not careful, yes, the air we breathe. Just give him time; he’s going to get there,” he said.

Adebayo contended that the new import duty contradicts the principles Tinubu once promoted.

“It is an anti-people decision and a trend in the new Tinubu. Tinubu that used to be in SDP, following Abiola everywhere doing Hope 93, has practically changed to the side of the money people.

They see you as a customer, not a citizen. If you have twins and triplets in your house, Tinubu is going to think of twins tax or ‘multiple childbirth tax.’ He’s just thinking of how to collect more money. It’s wrong,” he said.

He warned that the tariff will ultimately fall on ordinary Nigerians, especially given current economic hardships.

“If you put 15 per cent tariffs on imported petrol, who is going to pay for it? It’s going to be paid by the person who buys the petrol at the filling station,” Adebayo added.

MAY 2025 FEDERATION ACCOUNT REVENUE: FEDERAL, STATES & LGCs SHARE 1.659 TRILLION NAIRA

A total sum of N1.659 trillion, being May 2025 Federation Account Revenue has been shared to the Federal, States and the Local Government Councils.

The revenue was shared at the June 2025 Federation Account Allocation Committee (FAAC) meeting held in Abuja.

The N1.659 trillion total distributable revenue comprised revenue of N863.8 billion, Value Added Tax (VAT) revenue of N691.7billion, Electronic Money Transfer Levy (EMTL) revenue of N27.667 billion and Exchange Difference revenue of N76.614 billion.

The Federation Account Allocation Committee (FAAC) indicated that total gross revenue of N2.942 trillion was available in the month of May 2025. Total deduction for cost of collection was N111.908 billion while total transfers, interventions and refunds was N1.171 trillion.

The Gross revenue of N2.094 trillion received in the month of May 2025, is higher than the sum of N2.084 trillion received in the month of April 2025 by N10.023 Billion.

In May 2025, Companies Income Tax (CIT), Value Added Tax (VAT) and Import Duty increased significantly while CET Levies, Petroleum Profit Tax (PPT), Oil and Gas Royalty and Electronic Money Transfer Levy (EMTL) recorded decreases, while Excise Duty increased only marginally.