Peoples Democratic Party (PDP) chieftain and Lagos governorship aspirant, Mr. Funso Doherty, has called on the National Assembly to investigate the newly approved 15 percent import duty on Premium Motor Spirit (PMS), popularly known as petrol. He warned that the policy, if implemented, would deepen economic hardship and further strain Nigerians already battling high living costs.
In an open letter to Senate President Godswill Akpabio, Doherty described the decision as “fundamental and ill-timed,” questioning the rationale behind the measure and the transparency of the approval process.
According to reports, President Bola Tinubu approved the tariff after receiving a proposal from the Chairman of the Federal Inland Revenue Service (FIRS), now renamed the Nigeria Revenue Service. The FIRS chairman reportedly defended the duty as a means to support local fuel producers and enable cost recovery, not necessarily to raise government revenue.
Doherty, however, rejected this justification, noting that key domestic producers such as the Dangote Refinery already benefit from tax incentives, waivers, and other privileges under export processing zones. He argued that the new duty would unfairly transfer the burden of protection to consumers.
“I urge the National Assembly to investigate the circumstances and process surrounding this import duty,” Doherty wrote. He called on lawmakers to summon relevant agencies including the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the Federal Ministry of Trade and Investment, and industry stakeholders to assess whether imposing this additional burden is justified. He also urged that the proceedings be transparent and open to the press to keep citizens informed.
Doherty cautioned that the policy could add as much as ₦100 per litre to the current petrol price, worsening inflation and pushing more Nigerians into poverty. “Fuel pricing has far-reaching implications for citizens,” he said. “Most households are already struggling financially, and any new cost increase would be devastating.”
He further argued that the policy amounts to a new tariff regime introduced at the worst possible time, given that fuel and forex subsidy removals have already caused petrol prices to rise fivefold within two years.
Doherty also questioned the FIRS’s involvement in proposing the duty, pointing out that customs and excise policies do not fall within the agency’s legal mandate. “It is unclear why the FIRS initiated this proposal,” he stated, adding that such matters should be handled by the NMDPRA and the Ministry of Trade and Investment.
He criticised the tariff structure for maintaining import parity pricing while still allowing local producers to recover costs, even when international oil prices drop. This, he said, shields producers from competition while leaving consumers to bear full market risks.
Doherty, an investment professional and civic advocate who contested the 2023 Lagos governorship election, urged the National Assembly to exercise its oversight powers to ensure fairness and accountability. He concluded that any fuel pricing policy must strike a balance between government revenue goals and the welfare of ordinary Nigerians.
