Expert Faults 15% Tariff on Imported Petrol and Diesel
By Afolabi Nelson
A financial expert, Funsho Doherty, has criticised President Bola Tinubu’s approval of a 15% import tax on petrol and diesel.
Doherty, a former Goldman Sachs and ARM Pension Managers executive, warned that the policy could worsen hardship for Nigerians by raising fuel prices by about ₦100 per litre and further driving inflation.
In an open letter to Senate President Godswill Akpabio, he urged lawmakers to investigate the decision, describing it as poorly timed and harmful. He argued that such a major policy shift should not have been introduced without proper consultation, impact assessment, and consideration of the economic realities facing the average citizen. Doherty said the National Assembly must demand clarity on the rationale behind the policy and ensure that decisions of this magnitude are subjected to full legislative scrutiny.
He further noted that citizens are already struggling with the consequences of subsidy removal and foreign exchange reforms, which have sharply increased the cost of living. Adding a fresh layer of fuel tax, he warned, could worsen inflation, reduce purchasing power, and stifle business operations across sectors. According to him, the government should focus instead on policies that promote stability, local refining, and economic relief for households and small businesses.
