Renowned economist and Chief Executive Officer of Financial Derivatives Company Limited, Bismark Rewane, has backed President Bola Ahmed Tinubu’s approval of a 15 per cent import duty on petrol and diesel, describing the policy as beneficial to Nigeria’s economic growth.
Speaking during an interview on Channels Television, Rewane explained that the tariff is intended to discourage fuel importation and promote domestic refining, which would help retain jobs and boost industrial activity within the country.
“Petrol import duty is good for the country. Why is it good? Because it encourages domestic production. Anytime you import, you are actually creating jobs for other countries rather than your own country. Basically, import protection is good,” he said.
According to recent data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), 69% of petrol consumed in Nigeria is imported, while only 31% is produced locally. The new tariff is expected to position the Dangote Refinery and other domestic producers at a competitive advantage.
However, the planned implementation has stirred public backlash, with many Nigerians warning that fuel prices may rise, worsening the current economic hardship.
In Delta State, APC chieftain Ayiri Emami urged President Tinubu to withdraw the policy, insisting the timing is unfavorable for citizens already struggling with high living costs.
