The 2023 presidential candidate of the Social Democratic Party (SDP), Prince Adewole Adebayo, has criticised President Bola Tinubu’s approval of a 15 per cent import duty on refined petroleum products, describing the decision as anti-people and harmful to Nigeria’s struggling economy.
Adebayo said the policy amounts to excessive taxation and will make life harder for Nigerians already dealing with high inflation, rising transport costs and declining purchasing power. According to him, the government’s approach to revenue generation has become “exploitative,” burdening citizens instead of providing relief.
He argued that the tariff will ultimately be passed down to consumers at fuel stations, leading to higher pump prices and increased cost of living. “This duty will not be paid by importers. It will be paid by Nigerians buying fuel daily. It is an anti-people decision,” he said.
The former presidential candidate faulted the administration for imposing new taxes instead of fixing the country’s refineries. He maintained that Nigeria would not need to import petrol — or impose tariffs on it — if the government prioritised domestic refining capacity.
Adebayo urged the Federal Government to reverse the directive and focus on policies that ease hardship, stimulate production and support economic recovery rather than adding new financial burdens on citizens.
The new levy is expected to take effect once relevant regulatory agencies begin implementation, a move analysts say could trigger fresh increases in fuel prices nationwide.
