The presidency has declared that the 15 per cent approval of import duty on diesel and premium motor spirit (PMS), also known as petrol, is a bridge and not a burden.<\/p>\n
President Bola Tinubu conved the approval in a letter dated octobar 21t 20255 following the\u00a0 Federal Inland Revenue Service\u2019s (FIRS) request that the 15 per cent duty be applied to the cost, insurance, and freight (CIF) to align import costs with domestic realities.<\/p>\n
The letter also stated that the implementation of the import duty will increase the price of a litre of petrol by an estimated \u20a699.72 kobo.<\/p>\n
In a statement via X on Friday, Special Adviser on Media & Public Communication to President Bola Tinubu \u00a0Sunday Dare, described the approval as a bold and strategic move aimed at reshaping Nigeria\u2019s energy landscape.<\/p>\n
According to the presidential aide, the new policy is designed to encourage local refining, boost domestic capacity, and ensure that Nigeria\u2019s oil wealth translates directly into national prosperity.<\/p>\n
He said,\u00a0\u201cIt\u2019s no longer news that President Bola Ahmed Tinubu has approved a 15 per cent import duty on petrol and diesel, a bold and strategic move aimed at reshaping Nigeria\u2019s energy landscape.<\/em><\/p>\n \u201cFor years, the nation has depended heavily on imported fuel despite being a leading crude oil producer, draining foreign exchange and exporting jobs that should have been created at home.<\/em><\/p>\n \u201cThis new policy is designed to reverse that trend by encouraging local refining, boosting domestic capacity, and ensuring that Nigeria\u2019s oil wealth translates directly into national prosperity.<\/em><\/p>\n \u201cBy making imported fuel less competitive, government is tilting the market in favour of local refineries such as Dangote and other modular plants, laying the groundwork for a self-sustaining and resilient energy sector.<\/em><\/p>\n \u201cAs local refining ramps up and supply strengthens, prices are expected to moderate while jobs, investment, and industrial activity expand.<\/em><\/p>\n \u201cThis policy is therefore not a burden, but a bridge from dependence to independence, from vulnerability to strength. @officialABAT @OfficialAPCNg\u201d<\/em><\/p>\n","protected":false},"excerpt":{"rendered":" The presidency has declared that the 15 per cent approval of import duty on diesel and premium motor spirit (PMS), also known as petrol, is a bridge and not a burden. President Bola Tinubu...<\/p>\n","protected":false},"author":2,"featured_media":9321,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-9320","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/posts\/9320","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/comments?post=9320"}],"version-history":[{"count":1,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/posts\/9320\/revisions"}],"predecessor-version":[{"id":9322,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/posts\/9320\/revisions\/9322"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/media\/9321"}],"wp:attachment":[{"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/media?parent=9320"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/categories?post=9320"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/tags?post=9320"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}