𝐓𝐢𝐧𝐮𝐛𝐮 𝐚𝐩𝐩𝐫𝐨𝐯𝐞𝐬 𝟏𝟓% 𝐢𝐦𝐩𝐨𝐫𝐭 𝐝𝐮𝐭𝐲 𝐨𝐧 𝐩𝐞𝐭𝐫𝐨𝐥, 𝐝𝐢𝐞𝐬𝐞𝐥

President Bola Tinubu has approved a 15 per cent ad-valorem import duty on petrol and diesel, signaling a shift from the previous zero-duty policy to encourage local refining and boost revenue generation.

The new duty regime, which takes immediate effect, is part of broader fiscal reforms under the administration’s medium-term economic plan aimed at balancing foreign exchange demand and strengthening the naira.

Officials say the measure will protect domestic refiners such as Dangote Refinery and the Port Harcourt facility from unfair import competition while gradually reducing Nigeria’s dependence on imported petroleum products.