𝐍𝐄𝐂𝐀 𝐛𝐚𝐜𝐤𝐬 𝐅𝐆’𝐬 𝟏𝟓% 𝐟𝐮𝐞𝐥 𝐭𝐚𝐫𝐢𝐟𝐟, 𝐝𝐞𝐬𝐜𝐫𝐢𝐛𝐞𝐬 𝐢𝐭 𝐚𝐬 𝐭𝐢𝐦𝐞𝐥𝐲 𝐚𝐧𝐝 𝐧𝐞𝐜𝐞𝐬𝐬𝐚𝐫𝐲

The Nigeria Employers’ Consultative Association has lauded the Federal Government’s newly approved 15 per cent import tariff on certain petroleum products, calling it a crucial move to protect local refining and conserve foreign exchange.

NECA’s Director-General, Adewale-Smatt Oyerinde, in a statement on Sunday, described the policy as a bold step toward industrialisation, stressing that it was “absurd for a crude oil-rich nation to rely on fuel imports for decades.”

Oyerinde noted that the tariff would strengthen domestic refining, boost investor confidence, and relieve pressure on the naira by reducing foreign exchange demand for fuel imports. He urged the government to ensure effective implementation to avoid unintended price distortions.

He also emphasised that resolving the naira-for-crude arrangement was vital for ensuring steady crude supply to local refiners and preventing the policy from becoming counterproductive.

President Bola Tinubu had earlier endorsed the tariff, describing it as “a bridge, not a burden,” aimed at driving local production and achieving Nigeria’s long-term energy independence.