Financial expert Funsho Doherty has criticised the fifteen percent tariff on imported petrol and diesel approved by President Bola Tinubu, warning it could add about one hundred naira per litre and deepen inflationary pressures. Doherty, whose résumé includes roles at Goldman Sachs and Arthur Andersen, urged the Senate to investigate what he described as an ill-timed shift. He questioned why the Federal Inland Revenue Service proposed a measure better suited to the petroleum regulatory authority and the trade ministry, arguing that trade policy matters fall outside the agency’s mandate.
Doherty argued that the new levy would shield producers from price swings while shifting costs onto consumers and called for transparent hearings involving regulators and industry players. He highlighted that major local refiners already benefit from tax waivers and duty-free operations, making additional protection unnecessary. Analysts note that petrol prices soared from about one hundred eighty-five naira to roughly one thousand naira per litre after subsidy removal in mid-2023 and warn that fresh duties could exacerbate transport and food costs and further strain household budgets.
Doherty argued that the new levy would shield producers from price swings while shifting costs onto consumers and called for transparent hearings involving regulators and industry players. He highlighted that major local refiners already benefit from tax waivers and duty-free operations, making additional protection unnecessary. Analysts note that petrol prices soared from about one hundred eighty-five naira to roughly one thousand naira per litre after subsidy removal in mid-2023 and warn that fresh duties could exacerbate transport and food costs and further strain household budgets.
