The Presidency on Friday confirmed that President Bola Tinubu has approved a 15 per cent import tariff on petrol and diesel, describing the policy as a strategic step to stimulate local refining and strengthen Nigeria’s energy independence.
According to a statement by the Special Adviser to the President on Media and Public Communications, Sunday Dare, on his official X handle on Friday, the new policy is a bridge, not a burden, which aims to transform Nigeria’s petroleum landscape and securing long-term economic stability.
He described the policy as a strategic measure to end Nigeria’s dependence on imported fuel and accelerate the country’s path to energy self-sufficiency, explaining that for years, Nigeria had depended heavily on imported fuel despite being one of the world’s leading crude oil producers, a situation that drained foreign exchange, hindered job creation, and stifled local refining investments.
He however explained that for years, Nigeria had depended heavily on imported fuel despite being one of the world’s leading crude oil producers, a situation that drained foreign exchange, hindered job creation, and stifled local refining investments.
