The Federal Government of Nigeria has suspended the implementation of the 15% import duty on imported Premium Motor Spirit (PMS) and diesel.
Also read; Capital Gains Tax: Oyedele Confirms Past Gains Exempt from New Law
President Bola Tinubu had in October 2025 approved a 15% import duty on PMS and diesel, sparking widespread concern across the oil and gas sector.
Operators warned that the import duty has the potential of raising petrol prices, worsen inflation and increase import costs.
The government on its part insists that the policy aim was to boost local refining and generate revenue. The now suspended duty sought the application of a 15% duty on the cost, insurance, and freight value of imported PMS and diesel.
FG through the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has on Thursday suspended the implementation of the 15 percent ad-valorem import duty.
Nnamdi Maduakor is a Writer, Investor and Entrepreneur
