Business

Oil marketers to begin paying 15pct tariff on imported fuel – FG

Adedeji emphasised that the new tariff system will prevent duty-free fuel imports from undermining local refineries and promote a fair, competitive downstream sector.

Published

9 months ago

October 30, 2025

OCHEFA

389 Views

President Bola Tinubu has given the green light for the implementation of a 15 percent ad-valorem import duty on petrol and diesel brought into Nigeria.

The move is expected to protect domestic refineries and promote stability in the downstream oil sector.

In a directive dated October 21, 2025 — made public on Wednesday — Tinubu ordered the Federal Inland Revenue Service (FIRS) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to immediately begin enforcing the tariff. The decision, according to the government, forms part of a new “market-responsive import tariff framework.”

The letter, signed by the president’s private secretary, Damilotun Aderemi, confirmed Tinubu’s approval of a proposal submitted by FIRS Chairman Zacch Adedeji.

The plan recommends a 15 per cent duty on the cost, insurance, and freight (CIF) value of imported petrol and diesel to reflect true market conditions and encourage local production.

Adedeji explained in his memo that the initiative was designed to support Nigeria’s “Renewed Hope Agenda” for energy security and economic stability.

“The core objective of this initiative is to operationalise crude transactions in local currency, strengthen local refining capacity, and ensure a stable, affordable supply of petroleum products across Nigeria,” Adedeji stated.

The FIRS boss cautioned that the disparity between locally refined fuel prices and import parity benchmarks has fueled market volatility.

“While domestic refining of petrol has begun to increase and diesel sufficiency has been achieved, price instability persists, partly due to the misalignment between local refiners and marketers,” he wrote.

Adedeji pointed out that import parity pricing often falls below cost recovery levels for domestic refiners, especially amid foreign exchange and freight fluctuations — a situation that threatens the viability of emerging local producers.

He added that the government now faces a “twofold” responsibility “to protect consumers and domestic producers from unfair pricing practices and collusion, while ensuring a level playing field for refiners to recover costs and attract investments.”

Adedeji emphasised that the new tariff system will prevent duty-free fuel imports from undermining local refineries and promote a fair, competitive downstream sector.

Related Topics:Featured Nigeria 15pct imported fuel tariff

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Business

Cardoso Urges Banks To Lend Out Idle Funds With CBN * Retains MPR at 26.5%

Cardoso made the call on Tuesday after the 306th Monetary Policy Committee (MPC) meeting held in Abuja from July 20 to July 21.

Published

10 hours ago

July 21, 2026

OCHEFA

23 Views

The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso , urged banks from keeping idle funds with the apex bank and encouraging increased lending into the economy.

Cardoso made the call on Tuesday after the 306th Monetary Policy Committee (MPC) meeting held in Abuja from July 20 to July 21.

The apex bank retained the Monetary Policy Rate (MPR), also known as benchmark interest rate, at 26. 5 percent.

This decision marks the second consecutive retention of the MPR at 26.5 per cent, following a 50-basis-point reduction in February from 27 per cent.

“The committee’s decision to maintain the current policy stand follows a thorough assessment of the balance of risk,” said Cardoso.

He emphasised that although headline inflation moderated marginally in June 2026, global uncertainties have heightened due mainly to the renewed hostilities in the Middle East.

The MPC also adjusted the asymmetric facilities corridor around the MPR to +50/-450 basis points—a move aimed at discouraging banks from keeping idle fund with CBN.

Furthermore, the committee maintained the Cash Reserve Ratio (CRR) for commercial banks at 45 per cent, retained the rate for merchant banks at 16 per cent, and kept the CRR on non-TSA public-sector deposits at 75 per cent for liquidity management considerations.

Cardoso said despite the global uncertainties, the Nigerian economy has “remained largely resilient to the external shocks”.

Business

CBN admits it opened domiciliary accounts for PFIPC agency

Represented by the Director of its Banking Services Department, Hamisu Ibrahim, the CBN said that the accounts are one in US dollars, the other in British pounds sterling, were opened following a mandate received from the Office of the Accountant-General of the Federation.

Published

19 hours ago

July 21, 2026

OCHEFA

21 Views

File photo : PFIPC agency DG, Adeniyi Adeyemi

The Central Bank of Nigeria had admitted that it opened two foreign-currency domiciliary accounts for the controversial Presidential Foreign Investment Promotion Council (PFIPC).

The apex bank made the confirmation, yesterday, during the public hearing convened at the National Assembly Complex by the House of Representatives Ad-hoc Committee investigating the existence and operations of the PFIPC, chaired by Yusuf Gagdi and inaugurated by Speaker Tajudeen Abbas.

He explained that on July 30, 2025, CBN received a mandate dated July 29, 2025 from the Office of the Accountant-General.

“We received the mandate to authorise two accounts, one a US dollar domiciliary account, the other a pound domiciliary account, for the Presidential Economic Advisory Council/Presidential Foreign Investment Promotion Council,” Ibrahim told the committee.

He explained the CBN’s verification process, “The process of opening an account requires a mandate from the Office of the Accountant-General of the Federation.

“Once we receive that mandate, we perform all the necessary verifications to confirm that this mandate is actually coming from that office.

The department that handles the mandate is different from the department that actually does the account opening,” he said.

Nevertheless, he noted that no one came to activate the accounts after they were opened.“We did not receive any correspondence, mandate, signature or mandate cards. We were not introduced to the authorising or approving officers.“Based on that, those accounts remain inactive, with zero balance. There have been no foreign exchange allocations.