Tinubu 15 per cent import duty on petrol and diesel earns praise for protecting refineries, boosting jobs, and attracting investors

Tinubu 15 per cent import duty policy on petrol and diesel has drawn commendation from industry leaders, with former National Operations Controller of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Mr Mike Osatuyi, describing it as a bold and patriotic move.

Also read: ADC condemns Tinubu’s 15% fuel import duty

In an interview with the News Agency of Nigeria on Sunday, Osatuyi said President Bola Tinubu’s approval of a 15 per cent tariff would protect local refineries, encourage modular refinery operators, and attract foreign investors to Nigeria’s downstream oil sector.

He noted that the new policy, signed on October 29, would raise the landing cost of imported fuel but ensure sustainability for both existing and upcoming refineries.

According to him, this decision demonstrates the Tinubu administration’s commitment to protecting domestic investment and achieving energy self-sufficiency.

Osatuyi stressed that the measure would discourage the importation of cheaper refined products, improve competition among marketers, and ultimately benefit Nigerians.

“The Federal, State and Local Governments will also gain from increased revenue, job creation, foreign exchange savings, and the stabilisation of the naira,” he said.

He hailed the Dangote Refinery in Lekki as a “national asset and Nigeria’s energy security facility,” praising its capacity to reduce dependence on imported fuel.

The refinery, he said, currently operates at 650,000 barrels per day (bpd), ranking seventh globally, with plans to expand to 1.4 million bpd—making it the largest in the world.

The former IPMAN official also cited the upcoming BUA Refinery in Akwa Ibom and several modular plants, including OPAC, Duport, Waltersmith, Aradel, Edo, and Azikel, with a combined 150,000 bpd capacity. He described these private projects as vital to Nigeria’s economic stability.

Osatuyi criticised the decades-long non-performance of government-owned refineries in Port Harcourt, Warri, and Kaduna, noting that over ₦11 trillion had been spent between 2010 and 2023 on maintenance without results.

“It is unpatriotic that attempts to privatise these refineries in 2007 were resisted, costing the nation billions in waste,” he said.

He clarified that the Tinubu 15 per cent import duty was not primarily for revenue but to shield local refineries from unfair competition.

He also dismissed fears of fuel scarcity, insisting that Dangote Refinery alone could meet national demand and still export surplus products.

Osatuyi urged regulators such as the Nigerian Midstream and Downstream Petroleum Regulatory Authority to maintain price fairness and prevent market abuse.

He added that the new centralised revenue collection system, set to begin in January 2026, would enhance compliance and transparency.

Applauding Tinubu’s decision to allow local refineries to buy crude oil in naira, he said it was a “major step” towards stabilising operations and easing forex pressure.