President Bola Tinubu has reportedly approved a 15 per cent import duty on diesel and premium motor spirit (PMS), also known as petrol.
Bellnews learnt that the private secretary to the president, Damilotun Aderemi, conveyed Tinubu’s approval to the Federal Inland Revenue Service (FIRS) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
According to TheCable, Tinubu approved the request in a letter dated October 21, 2025, after the FIRS requested that the 15 per cent duty be applied to the cost, insurance, and freight (CIF) to align import costs with domestic realities.
The letter also stated that the implementation of the import duty will increase the price of a litre of petrol by an estimated ₦99.72 kobo.
“Even with this adjustment, estimated Lagos pump prices would remain in the range of N964.72 per litre ($0.62), still significantly below regional averages such as Senegal ($1.76 per litre), Cote d’Ivoire ($1.52 per litre), and Ghana ($1.37 per litre),” the letter reads.
The president also directed the NMDPRA to issue appropriate regulations to guide the policy, ensuring that local production is prioritised before the issuance of import licences.
He further directed a periodic review of the tariff rate and its continued necessity, including provisions for scaling or sunset measures as domestic refining capacity expands, under the oversight of the implementation committee on crude and refined products sales in naira.
Explaining the implementation process in the request letter to the president, chairman of FIRS, Zacch Adedeji, said import duty is not revenue-driven.
He also said payments of the duty will be made into a designated federal government of Nigeria revenue account under the Nigeria Revenue Service (NRS) and verified by the NMDPRA before discharge clearance.
Adedeji said implementation will take effect after a 30-day transition period from the date of official notification.