Funsho Doherty faults petrol import tariff, warning that Tinubu’s 15% duty could raise prices by ₦100 per litre and worsen inflation in Nigeria

Funsho Doherty faults petrol import tariff recently approved by President Bola Tinubu, warning that the new 15 per cent import duty on petrol and diesel could worsen inflation and deepen hardship for Nigerians.

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The financial expert and former Managing Director of ARM Pension Managers and Pensions Alliance Limited described the policy as ill-timed and questionable, saying it risks aggravating the economic pressure caused by the removal of fuel and forex subsidies.

According to Doherty, the Federal Inland Revenue Service (FIRS) initiated the proposal that led to the approval of the 15 per cent tariff.

However, he questioned the agency’s legal authority to do so, arguing that customs and excise duties fall under trade policy, not taxation.

In an open letter to Senate President Godswill Akpabio, Doherty called for a legislative investigation, urging the National Assembly to summon the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the Ministry of Trade and Investment, and other stakeholders for clarification.

“This policy represents a fundamental and ill-timed change,” he wrote. “It follows two major shocks — the removal of petrol and foreign exchange subsidies — which have already pushed prices up fivefold in just two years. Nigerians can least afford another increase at this point.”

He warned that the tariff could raise petrol prices by as much as ₦100 per litre, amplifying inflationary pressures across transport, food, and manufacturing sectors.

“This further price shock would worsen inflation and household poverty,” he cautioned.

Doherty also criticised what he described as an “imbalanced” cost recovery framework, saying it shields producers from market risks while transferring the burden to consumers.

He added that major refiners such as the Dangote Refinery already enjoy generous fiscal incentives, including tax waivers and duty-free operations under export processing zone arrangements.

He argued that the new tariff was unnecessary and anti-consumer, calling instead for transparency, accountability, and proper institutional oversight of petroleum pricing policy.

The 15 per cent import duty was approved by the Tinubu administration to expand federal revenue sources.

Yet, with fuel prices already hovering around ₦1,000 per litre following subsidy removal, many analysts believe the move could intensify economic hardship and strain household incomes.

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As public debate grows, Funsho Doherty’s warning adds a powerful voice to calls for caution and deeper policy review before further fiscal measures are implemented in Nigeria’s struggling energy market.