Tinubu Approves 15% Import Duty on Petrol and Diesel in Nigeria to Boost Fuel Self-Sufficiency

Former Lagos State Governor Tinubu has approved a 15% import duty on petrol and diesel in Nigeria to boost fuel self-sufficiency and safeguard consumers. The Federal Inland Revenue Service (FIRS) will oversee the implementation, with the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) providing guidelines.

The new policy prioritizes domestic products over imports, with a 30-day transition period to allow adjustments. FIRS Chairman Zacch Adedeji emphasized that the tariff is not revenue-driven but aims to support Nigeria's fuel sector and maintain affordable prices for consumers.