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.
Plus234Feed summary based on reporting from Leadership Newspaper. Read the original report below.
Read full article
Continue on Leadership Newspaper
Get the week in one email
Top stories, NPFL results, the naira — every Friday morning. Free, one email a week.
Related Stories
Otedola and Marketers React to Tinubu's 15% Fuel Tariff, Concerns Over Price Hikes
Osatuyi Commends Tinubu's 15% Fuel Import Duty to Safeguard Nigerian Refineries
Presidency Approves 15% Import Tariff on Petrol and Diesel to Boost Local Refining in Nigeria
Tinubu Approves 15% Import Duty on Petrol and Diesel in Nigeria to Boost Fuel Self-Sufficiency
Nigerian Presidency Defends 15% Fuel Import Tariff to Boost Local Refineries
Otedola Exposes N2 Trillion Subsidy Fraud, Hails Dangote Refinery
Get Plus234Feed on messaging apps
Same headlines, delivered where you already scroll.
