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Funsho Doherty Faults Petrol Import Tariff Policy

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Funsho Doherty

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.

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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.

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“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.

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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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Also read: Egbetokun Warns Anambra Eelection Offenders of Arrest

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.

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Adeboye Ordered Refund of Billions in Illicit Donations, EFCC Reveals

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The General Overseer of the Redeemed Christian Church of God (RCCG), Pastor Enoch Adeboye, ordered the refund of billions of naira donated towards a church project after the funds were traced to proceeds of financial crime, the Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has disclosed.

Olukoyede said Adeboye directed the immediate return of the money within 24 hours after the church was informed of the findings of the commission’s investigation.

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The EFCC chairman made the disclosure while addressing RCCG workers in the early hours of Saturday, November 7, during a meeting organised ahead of the church’s annual Holy Ghost Congress.

According to Church Times Nigeria, which reported the development, Adeboye had invited Olukoyede to speak to the workers on financial propriety, accountability and the importance of maintaining transparent financial records.

Recounting the incident, Olukoyede said a church member had donated billions of naira towards an RCCG project, but investigations by the commission later established that the money originated from financial crime.

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He said the church was alerted to the findings, following which Adeboye ordered that the donation be returned.

Olukoyede commended the cleric for responding promptly and directing the refund within 24 hours of receiving the information.

However, the EFCC chairman did not disclose the identity of the donor, the exact amount involved or the particular church project for which the donation was made.

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The anti-graft agency chief expressed concern over cases involving religious leaders and financial misconduct, including questionable transactions and allegations relating to contracts for church projects.

He warned church workers and religious leaders against accepting donations from individuals whose sources of wealth had not been properly established.

Olukoyede, who is also an ordained pastor, stressed that religious institutions must not become channels through which proceeds of crime are concealed or given legitimacy.

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He also recounted a separate case involving another church allegedly connected to a Ponzi scheme.

According to him, the church leader initially resisted the EFCC’s intervention but later refunded a substantial amount after the commission threatened to institute legal proceedings.

The EFCC chairman said the commission would not spare individuals involved in financial crimes because of their religious positions or affiliations.

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He further cautioned RCCG workers against excessive materialism, unhealthy competition and struggles for leadership positions, warning that such tendencies could encourage financial misconduct.

Olukoyede also raised concerns about reports of individuals allegedly offering bribes to secure leadership positions within the church.

He urged pastors to exercise due diligence before accepting donations, insisting that they should establish how contributors made their money rather than focus solely on the size of their financial commitments.

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In his response, Adeboye reportedly assured the EFCC chairman that the church would not protect anyone found involved in financial wrongdoing.

The cleric also urged RCCG pastors to maintain accurate financial records and ensure that their activities were free from corruption.

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