Financial expert Funsho Doherty has slammed the recently approved 15% import duty on petrol and diesel, warning that it could further strain Nigerian households already grappling with high fuel costs.
In an open letter to Senate President Godswill Akpabio, Doherty, who previously worked with Goldman Sachs & Co., PNC Advisors, Arthur Andersen, and served as pioneer MD of ARM Pension Managers and Pensions Alliance Limited, described the move as “an ill-timed and questionable policy shift.”
The duty, proposed by the Federal Inland Revenue Service (FIRS) and approved by President Bola Tinubu, could increase fuel prices by about ₦100 per litre, intensifying inflation nationwide.
“This policy follows two major shocks, the removal of petrol and forex subsidies, which have already pushed prices up fivefold in two years.
“Nigerians can least afford another increase at this point,” Doherty stated.
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He also questioned why the FIRS initiated the proposal, noting that customs and excise duties fall under trade policy.
According to Doherty, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Federal Ministry of Trade and Investment are the proper authorities to handle such matters.
Doherty criticised the measure for shielding producers from market risks while transferring costs to consumers, calling for transparency in the “cost recovery” mechanism. He urged the National Assembly to summon NMDPRA, the Trade Ministry, and key industry operators for open hearings to clarify the implications for Nigerians.
He added that local refiners, including the Dangote Refinery, already enjoy fiscal incentives such as tax waivers and duty-free operations, making additional tariff protection unnecessary.
The warning comes amid growing concerns over Nigeria’s rising cost of living. Since the removal of fuel subsidies in May 2023, petrol prices have surged from around ₦185 per litre to nearly ₦1,000 in many areas.
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Analysts warn that the new import duty could trigger further price hikes, affecting transport, food, and manufacturing costs.
A Lagos-based economist described the policy as “pro-industry but anti-consumer,” cautioning that it could worsen inflation and deepen household poverty.
Esther Ososanya is an investigative journalist with Pinnacle Daily, reporting across health, business, environment, metro, Fct and crime. Known for her bold, empathetic storytelling, she uncovers hidden truths, challenges broken systems, and gives voice to overlooked Nigerians. Her work drives national conversations and demands accountability one powerful story at a time.
