Why Tinubu’s 15% import duty on petrol is good for Nigeria – Rewane

Popular economist and chief executive of FinancialDerivatives Company Limited, Bismark Rewane, explained that President BolaAhmed Tinubu’s approval of a 15 per cent import duty on petrol and diesel isgood for the country. Rewane, speaking in an interview on Channels TV, said theimport tariff is designed to encourage local production of petroleum products. According to the policy, it is aimed to discourage importsand retain jobs in Nigeria. “Petrol import duty is good for the country. Why is it good?Because it encourages domestic production. Anytime you import, you are actuallycreating jobs for other countries rather than your own country. Basically,import protection is good,” he said. DAILY POST reports that Tinubu approved a 15 per cent importduty on petrol and diesel. The move means that Nigerians would have to pay more forfuel consumption when it is implemented. Recently, data from the Nigerian Midstream and DownstreamPetroleum Regulatory Authority showed that 69 per cent of petrol consumed inNigeria is imported, while 31 per cent is locally produced. The policy places Dangote Refinery in an advantageousposition in the country’s oil and gas sector. However, Nigerians have kicked against the move, saying itwould cause more hardship in the country. This comes as an All Progressives Congress chieftain inDelta State, Ayiri Emami, on Thursday urged President Tinubu to withdraw the 15per cent import duty tariff because it will bring more hardship for Nigerians.

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