Financial expert Funsho Doherty has condemned the 15 per cent import duty on petrol and diesel recently approved by President Bola Tinubu, warning it could worsen financial pressure on Nigerians.

Doherty, who has held positions at Goldman Sachs, PNC Advisors, and Arthur Andersen, and was the pioneer Managing Director of ARM Pension Managers and Pensions Alliance Limited, argued that the new tariff could increase fuel prices by around N100 per litre, amplifying inflationary pressures nationwide.

In an open letter to Senate President Godswill Akpabio, Doherty described the policy as “ill-timed and questionable”, coming on the heels of previous shocks, including the removal of fuel and foreign exchange subsidies, which have already caused a fivefold price increase in just two years.

He criticized the origin and process of the proposal, pointing out that customs and excise duties fall under trade policy, which lies outside the statutory authority of the Federal Inland Revenue Service (FIRS). Doherty suggested that the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Federal Ministry of Trade and Investment are the appropriate institutions to handle such matters.

“The current arrangement allows producers to recover costs when prices fall and pass on increases when prices rise, effectively shielding producers while burdening consumers,” he stated. Doherty urged the National Assembly to summon the NMDPRA, Trade Ministry, and key industry operators for transparent hearings to clarify the policy’s rationale and implications.

He also noted that major local refiners, including the Dangote Refinery, already enjoy fiscal incentives like tax waivers and duty-free operations, making additional tariff protection unnecessary.

Analysts have warned that the import duty could further escalate the cost of living, impacting transportation, food prices, and manufacturing. A Lagos-based economist described the policy as “pro-industry but anti-consumer.”

Since the removal of fuel subsidies in May 2023, petrol prices have surged from around N185 per litre to about N1,000, with the new duty potentially driving them even higher.