Financial expert Bismarck Rewane has said that President Bola Tinubu’s 15% import duty on petrol will benefit Nigeria in the long run. According to him, even though the policy may cause short-term price increases, it is designed to strengthen the nation’s economy and reduce reliance on imported fuel. Rewane explained that Nigeria cannot continue depending on foreign refined petrol if it wants real economic growth and stability.
He noted that the new duty will encourage local refining and support the growth of Nigeria’s petroleum industry. With projects like the Dangote refinery and other modular refineries coming up, Rewane said the country needs policies that push investors to produce fuel locally instead of relying on imports. When Nigeria refines more fuel at home, he believes it will create jobs, save foreign exchange, and boost government revenue.
Rewane also stressed that the policy will help improve government finances, reducing pressure on public spending. He mentioned that Nigeria has been losing billions through fuel subsidies and import-dependent energy systems. With the new duty in place, he expects the government to generate more funds for infrastructure, social services, and economic development. He added that a stronger revenue base is important for fighting inflation and stabilizing the economy.
Although Nigerians are worried about rising fuel prices, Rewane urged citizens to be patient, saying the benefits will be seen soon. He advised the government to ensure transparency and use the revenue for public welfare so that citizens can feel the positive impact. He also encouraged officials to support local production and provide policies that make local refineries operate smoothly.
In his final remarks, Rewane stated that the 15% import duty is a strategic economic step, not just a tax burden. He believes Nigeria is moving toward an economy driven by productivity, not consumption. With the right implementation, he said the policy could help Nigeria become a fuel-producing hub in Africa and reduce vulnerability to global oil price shocks.
