Otedola Supports Tinubu's 15% Fuel Import Tariff Amid Criticism

Billionaire businessman Femi Otedola has backed President Bola Tinubu's introduction of a 15% import tariff on petrol and diesel, despite facing public criticism. Otedola believes the policy is crucial to safeguard investments in Nigeria's energy value chain and prevent the undermining of the industrial and energy sectors by cheaper foreign imports.

The tariff is seen as a move to support local refineries, stabilize the domestic market, and contribute to long-term economic stability. However, the policy has faced backlash from industrial groups like the African Democratic Congress (ADC), who argue it could worsen inflation and raise pump prices for consumers.

Tinubu's special adviser, Sundai Dare, has defended the policy.