By Abiola Olawale
President Bola Tinubu has officially approved a 15% ad-valorem import duty on Premium Motor Spirit (PMS), popularly known as petrol, and diesel imports.
It was gathered that the directive is aimed at bolstering local refining capacity and stabilizing the market.
The approval was conveyed in a memo from the Presidency to the Federal Inland Revenue Service (FIRS) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
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According to the memo, Tinubu said the import duty is designed to align import costs with domestic market realities and prevent imported fuel from undercutting local producers.
It was gathered that the President’s approval followed a proposal by the Executive Chairman of the FIRS, Zacch Adedeji.
The policy comes as Nigeria intensifies efforts to reduce dependence on imported petroleum products and ramp up domestic refining.
The 650,000-barrels-per-day Dangote Refinery in Lagos has commenced diesel and aviation fuel production, while modular refineries in Edo, Rivers, and Imo states have started small-scale petrol refining.
However, despite these gains, petrol imports still account for up to 67 per cent of national demand.
