This was disclosed via a letter signed by President Tinubu’s Private Secretary, Damilotun Aderemi, and addressed to the Federal Inland Revenue Service and the Nigerian Midstream and Downstream Petroleum Regulatory Authority.
In the letter, Tinubu directed immediate implementation of the tariff as part of what the government described as a “market-responsive import tariff framework.”
The President’s approval following a proposal by the Executive Chairman of the FIRS, Zacch Adedeji, which 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.
The initiative is aimed at protecting local refineries and stabilising the downstream market, but it is likely to raise pump prices.