Tinubu Approves 15% Import Duty on Petrol and Diesel in Nigeria

Nigerian politician Tinubu has approved a 15% import duty on petrol and diesel, following a directive from the President. This move, aimed at aligning import costs with domestic realities, is expected to increase petrol prices by 99.72 kobo per liter.

The duty will be implemented by the FIR and NMDPRA, with payments going to the Nigerian government's revenue account. The Chairman of FIR, Zacch Adedeji, emphasized that the duty is not revenue-driven but designed to enhance local product prioritization and revenue verification processes.