The former National Operations Controller of the Independent Petroleum Marketers Association of Nigeria, IPMAN, Mr Mike Osatuyi, has hailed President Bola Tinubu for approving a 15 per cent import duty on petrol and diesel. He recently said that the policy would safeguard local refineries and attract new investments into the sector.
Recall that President Bola Tinubu, on October 29, approved a 15 per cent import tariff on petrol and diesel, a policy expected to increase the landing cost of imported fuel.
Speaking during an interview with the News Agency of Nigeria in Lagos, Mike revealed that the policy would guarantee the sustainability of both existing and upcoming private refineries.
According to him, not only will the policy prevent importation of cheaper refined products and aid modular refinery operators, it will also attract foreign investors and boost competition among marketers.
He stated that the import duty demonstrates the Tinubu government’s commitment to safeguarding domestic investment in the downstream petroleum sector.
“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.
Mike further described the Dangote Refinery in Lekki, Lagos, as a “national asset and Nigeria’s energy security facility,” hailing its role in decreasing dependence on imported petroleum products.
He concluded by blasting the prolonged non-performance of government-owned refineries like Port Harcourt, Warri, and Kaduna, stressing that more than ₦11 trillion has been spent between 2010 and 2023 on maintenance and rehabilitation without tangible results.
“It is unpatriotic that attempts to privatise these refineries in 2007 were resisted, costing the nation over ₦264 billion annually in maintenance with zero output.
A responsible government must protect these massive private investments worth billions of dollars.
President Tinubu has again demonstrated courage and patriotism by prioritising national interest over political considerations.
His decision to impose a 15 per cent import duty on petrol and diesel is a bold step to protect Nigeria’s economic sovereignty,” he added.
Folami David is a dynamic journalist who views the world through an analytical lens, translating complex narratives across multiple industries into compelling stories. With an insatiable appetite for information and a keen eye for emerging trends, Folami specializes in uncovering the interconnections between technology, business, culture, and society.
