President Bola Tinubu has approved the introduction of a 15 per cent ad-valorem import duty on petrol and diesel imports into Nigeria.

The initiative is aimed at protecting local refineries and stabilising the downstream market, but it is likely to raise pump prices.

In a letter dated October 21, 2025, reported publicly on October 30, 2025, and addressed to the Federal Inland Revenue Service and the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Tinubu directed immediate implementation of the tariff as part of what the government described as a “market-responsive import tariff framework.”

The letter, signed by his Private Secretary, Damilotun Aderemi, and obtained by our correspondent on Wednesday, conveyed the President’s approval following a proposal by the Executive Chairman of the FIRS, Zacch Adedeji.

The proposal sought the application of a 15 per cent duty on the cost, insurance and freight value of imported petrol and diesel to align import costs with domestic market realities.

Adedeji, in his memo to the President, explained that the measure was part of ongoing reforms to boost local refining, ensure price stability, and strengthen the naira-based oil economy in line with the administration’s Renewed Hope Agenda for energy security and fiscal sustainability.

“The core objective of this initiative is to operationalise crude transactions in local currency, strengthen local refining capacity, and ensure a stable, affordable supply of petroleum products across Nigeria,” Adedeji stated.

The FIRS boss also warned that the current misalignment between locally refined products and import parity pricing has created instability in the market.

“While domestic refining of petrol has begun to increase and diesel sufficiency has been achieved, price instability persists, partly due to the misalignment between local refiners and marketers,” he wrote.

He noted that import parity pricing- the benchmark for determining pump prices, often falls below cost recovery levels for local producers, particularly during foreign exchange and freight fluctuations, putting pressure on emerging domestic refineries.

Adedeji added that the government’s responsibility was now “twofold, to protect consumers and domestic producers from unfair pricing practices and collusion, while ensuring a level playing field for refiners to recover costs and attract investments.”

He argued that the new tariff framework would discourage duty-free fuel imports from undercutting domestic producers and foster a fair and competitive downstream environment.

According to projections contained in the letter, the 15 per cent import duty could increase the landing cost of petrol by an estimated N99.72 per litre.

“At current CIF levels, this represents an increment of approximately 99.72 per litre, which nudges imported landed costs toward local cost-recovery without choking supply or inflating consumer prices beyond sustainable thresholds. 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 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.

President Bola Ahmed Tinubu has decorated the new Service Chiefs with their new ranks in the military to suit their new positions.

The newly decorated handlers of the nation’s Armed Forces include Lieutenant General, now General Olufemi Olatubosun Oluyede, as Chief of Defence Staff; and Major General now Lieutenant General Emmanuel Undiendeye Undiendeye as Chief of Defence Intelligence (CDI).

Others are Major General, now Lieutenant General Waidi Shaibu as Chief of Army Staff (COAS); Air Vice Marshal, now Air Marshal Kevin Aneke as Chief of Air Staff;

Service chiefs pledge improved security, local arms production, technology use

Tinubu last Friday announced the replacement of the Service Chiefs, a move that has been attributed to the need to refocus and strengthen national security.

While commenting on his action, President Tinubu, in a post on his verified X handle, charged the new military chief helmsmen to “deepen professionalism, vigilance, and unity within our Armed Forces as they serve our nation with honour”.

Tinubu decorates Service Chiefs with new ranks
Tinubu decorates Service Chiefs

President Bola Ahmed Tinubu has decorated the new Service Chiefs with their new ranks in the military to suit their new positions.

The newly decorated handlers of the nation’s Armed Forces include Lieutenant General, now General Olufemi Olatubosun Oluyede, as Chief of Defence Staff; and Major General now Lieutenant General Emmanuel Undiendeye Undiendeye as Chief of Defence Intelligence (CDI).

Others are Major General, now Lieutenant General Waidi Shaibu as Chief of Army Staff (COAS); Air Vice Marshal, now Air Marshal Kevin Aneke as Chief of Air Staff;

Service chiefs pledge improved security, local arms production, technology use

Tinubu last Friday announced the replacement of the Service Chiefs, a move that has been attributed to the need to refocus and strengthen national security.

While commenting on his action, President Tinubu, in a post on his verified X handle, charged the new military chief helmsmen to “deepen professionalism, vigilance, and unity within our Armed Forces as they serve our nation with honour”.

The Managing Director and Chief Executive Officer of the South-West Development Commission (SWDC), Dr. Charles Akinola, has informed the commission is working on establishing a South-West Investment Fund to catalyse investment across the six states of the region.

Akinola said the proposed fund, which will be largely private sector-driven, is designed to attract capital for strategic regional projects and address the infrastructure needs of the South-West.

He stated on Thursday at the South-West Stakeholders’ Dialogue organised by Afenifere, the DAWN Commission, and the South-West Governors’ Forum, held in Akure, Ondo State, with the theme “Strengthening Democracy Through Dialogue: Assessing Progress, Charting the Future.”

“We are designing a best-in-class investment fund that can attract private capital to finance outstanding regional projects and meet the urgent infrastructure needs of the South-West,” Akinola said.

The SWDC boss explained that the commission is intensifying efforts to achieve greater regional connectivity and integrated development as part of a broader agenda to promote inclusive growth and shared prosperity across the region.

According to him, consultations have begun with development partners and private investors to design a framework for intra-regional transportation corridors, agricultural value chain enhancement, and technology-driven industrial clusters linking major cities and rural communities.

He noted that improving road networks, digital infrastructure, and economic linkages would facilitate trade and mobility while strengthening social cohesion and competitiveness across the South-West.

“The development commissions, like the SWDC, focus on regional projects that are often left unattended to. We’re looking at integrative initiatives such as regional connectivity by rail and highways.

“For instance, it took us about four hours to get from Ibadan to Akure, How do we get state governments, the federal government, and the private sector to collaborate on such critical infrastructure?” he asked.

Akinola stressed that the SWDC’s strategy aligns with President Bola Tinubu’s economic transformation agenda and the renewed commitment of South-West governors to a unified development blueprint.

He said improved connectivity will enable the region to leverage its human capital and economic potential to drive national growth, attract investment, and create jobs for millions of young people.

“We will be engaging in the coming weeks with a broad range of stakeholders – communities, governors, trade groups – to define a shared vision for the commission. This inclusiveness is critical to ensuring collective ownership and success,” he stated.

Akinola recalled that he previously chaired the expert group set up by South-West Governors between 2020 and 2021 to produce the technical report that laid the foundation for the establishment of the SWDC.

“We engaged governors across the states to identify priorities and shared perspectives on regional development. It’s an ongoing process. We cannot succeed without the active participation of the governors and the people,” he noted.

He reaffirmed the commission’s commitment to working closely with traditional rulers, trade groups, youth associations, and market women to drive a shared vision of prosperity for the region.

“We stand on a covenant with the people of the South-West that we will do our best. Together with our partners, the governors, Kabiyesis, trade groups, and communities, we will pursue a united vision to drive prosperity through the work of the South-West Development Commission,” Akinola declared.