The 2023 presidential candidate of the Social Democratic Party (SDP), Prince Adewole Adebayo, has criticized President Bola Tinubu for approving a 15 percent import duty on refined petroleum products, describing the decision as “anti-people” and exploitative.
Speaking on Politics Today on Channels Television Thursday, Adebayo accused the Tinubu administration of overtaxing Nigerians, saying the government’s policies were designed to squeeze more money from citizens already struggling under harsh economic conditions.
“President Tinubu is a clever tax collector. He wants to collect taxes from you for everything, including the oxygen tax, very soon. If you’re not careful, yes—the air we breathe. Just give him time; he’s going to get there,” he said.
The SDP chieftain faulted the policy, saying it contradicts the ideals Tinubu once championed.
“It is an anti-people decision and a trend in the new Tinubu. The Tinubu that used to be in SDP, following Abiola everywhere doing Hope 93, has practically changed to the side of the money people. They see you as a customer, not a citizen,” Adebayo said.
He warned that the new tariff would worsen the financial burden on Nigerians, noting that the cost would inevitably be passed down to consumers.
“If you put 15 percent tariffs on imported petrol, who is going to pay for it? It’s going to be paid by the person who buys the petrol at the filling station,” he stated.
Adebayo also blamed the government for the continued reliance on imported fuel, accusing President Tinubu—who doubles as Minister of Petroleum—of failing to fix Nigeria’s refineries despite huge investments.
“You are the reason why we cannot meet our domestic consumption. You appointed yourself Minister of Petroleum, we spent billions on turnaround maintenance, yet the refineries aren’t working,” he said.
He argued that instead of imposing more taxes, the president should focus on reviving local refineries.
“What he needs to do is to call Heineken Lokpobiri and Bayo Ojulari and say, ‘I want those refineries to work. I give you six months, and I want fuel importation reduced to zero,’” Adebayo advised.
President Tinubu recently approved a 15 percent ad valorem import duty on petrol and diesel imports, following a proposal from the Federal Inland Revenue Service (FIRS) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
According to the government, the policy aims to protect local refineries and stabilise the downstream sector. However, experts warn that it could lead to higher pump prices, especially as Nigeria still imports about 67 percent of its petrol needs despite the gradual commencement of operations at the 650,000 barrels-per-day Dangote Refinery.