The Presidency on Friday confirmed that President Bola Tinubu has approved a 15 per cent import tariff on petrol and diesel, describing the move as a strategic step to encourage local refining and enhance Nigeria’s energy independence.
According to a statement issued by the Special Adviser to the President on Media and Public Communications, Sunday Dare, via his official X handle, the new policy represents “a bridge, not a burden,” designed to transform Nigeria’s petroleum landscape and ensure long-term economic stability.
Dare explained that the import tariff aligns with the administration’s broader fiscal and industrial agenda to protect domestic producers and promote self-sufficiency in energy supply.
He said, “The 15 per cent ad-valorem tariff is not a tax meant to punish consumers but a policy framework to strengthen our refining sector, create jobs, and reduce the nation’s dependence on imported fuel. It is a bridge toward energy sovereignty.”
The presidential aide added that the initiative would help level the playing field for emerging local refineries, including the newly operational private and modular refineries, while encouraging more investment in the downstream oil sector.
Dare also assured Nigerians that the government was mindful of the potential short-term impact on pump prices, saying measures were being put in place to cushion any negative effects on consumers.
He noted, “President Tinubu’s administration is balancing reform with compassion. This policy is about building resilience and ensuring that Nigerians ultimately benefit from a stable, competitive, and locally driven energy market.”
The introduction of the 15 per cent import tariff follows recent policy adjustments aimed at fiscal consolidation and sectoral reforms within Nigeria’s oil and gas industry, which the government says are crucial for sustainable economic growth.
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