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 policy as an “anti-people decision” that will worsen Nigerians’ economic hardship.
Speaking on Politics Today on Channels Television on Thursday, Adebayo accused the Tinubu administration of excessive and exploitative taxation.
“President Tinubu is a clever tax collector. He wants to collect taxes on everything — maybe soon, even the oxygen we breathe,” Adebayo said. “If you’re not careful, he’ll get there. This government is just thinking of new ways to collect money from struggling Nigerians.”
Adebayo described the new import duty as unjust and inconsistent with the ideals Tinubu once championed.
“This is an anti-people decision and a reflection of the new Tinubu. The Tinubu who once followed Abiola during the Hope ’93 campaign has now crossed over to the side of the money people,” he said. “They no longer see Nigerians as citizens but as customers. If you have twins or triplets, Tinubu might soon introduce a ‘multiple childbirth tax.’ It’s wrong.”
The SDP candidate warned that the new tariff would inevitably increase fuel prices and further burden ordinary Nigerians.
“If you impose a 15 per cent tariff on imported petrol, who will pay for it? It’s the consumer at the filling station,” he stated.
“Fix refineries first”
Adebayo blamed the government for Nigeria’s continued reliance on imported fuel, faulting the president—who also serves as Minister of Petroleum—for failing to make local refineries operational.
“You are the reason we can’t meet domestic consumption. What kind of chaotic system is this?” he asked. “We gave you refineries to manage. You appointed yourself Minister of Petroleum. After spending billions on turnaround maintenance, the refineries still don’t work. Because of your inefficiency, we are now paying for imports — and you want to surcharge us again. Am I the reason refineries are not working?”
Adebayo urged the president to prioritise local refining capacity instead of imposing new taxes.
“What he needs to do is call Heineken Lokpobiri and Bayo Ojulari and say, ‘I want those refineries working within six months, and fuel importation reduced to zero.’ That’s the solution,” he advised.
Background: The 15% import duty
President Tinubu recently approved a 15 per cent ad-valorem import duty on petrol and diesel imports into Nigeria.
According to reports, the directive — addressed to the Federal Inland Revenue Service (FIRS) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) — followed a proposal from FIRS Chairman Zacch Adedeji, who described the policy as part of a “market-responsive import framework.”
The government argues that the tariff will protect local refineries and stabilise the downstream sector, but several experts warn it could drive up pump prices and deepen inflationary pressures.
Nigeria currently imports about 67 per cent of its petrol needs, despite the gradual commencement of operations at the 650,000 barrels-per-day Dangote Refinery.
