The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), on Thursday, announced discontinuation of the planned 15 per cent duty on imported petroleum products.

NMDPRA’s Director, Public Affairs Department, George Ene-Ita, conveyed the development in a statement while warning the public to shun panic buying.

President Bola Tinubu, on October 29, approved an import tariff on petrol and diesel, a policy expected to raise the landing cost of imported fuel.

The President’s approval was conveyed in a letter signed by his Private Secretary, Damilotun Aderemi, following a proposal submitted by the Executive Chairman of the Federal Inland Revenue Service, Zacch Adedeji.

The proposal sought the application of a 15 per cent duty on the cost, insurance, and freight value of imported petrol and diesel to align import costs with domestic market realities.

Implementation was slated to take effect on November 21, 2025.

The policy aimed to protect and promote local refineries like the Dangote Refinery and modular plants by making imported fuel more expensive.

While intended to boost local production, it is also expected to increase fuel costs, which could lead to higher inflation and transportation prices for consumers.

Experts have argued that the move could translate into higher pump prices for consumers, with some estimating an increase of up to N150 per litre or more.

In an update, however, NMDPRA said the government was no longer considering going ahead with implementing the petrol import duty.

“It should also be noted that the implementation of the 15% ad-valorem import duty on imported Premium Motor Spirit and Diesel is no longer in View,” the statement read in part.

Meanwhile, the NMDPRA also assured all that there is an adequate supply of petroleum products in the country, within the acceptable national sufficiency threshold, during this peak demand period.

“There is a robust domestic supply of petroleum products (AGO, PMS, LPG, etc) sourced from both local refineries and importation to ensure timely replenishment of stocks at storage depots and retail stations during this period.

“The Authority wishes to use this opportunity to advise against any hoarding, panic buying or non-market reflective escalation of prices of petroleum products.

“The Authority will continue to closely monitor the supply situation and take appropriate regulatory measures to prevent disruption of supply and distribution of petroleum products across the country, especially during this peak demand period.

“While appreciating the continued efforts of all stakeholders in the midstream and downstream value chain in ensuring a smooth and uninterrupted supply and distribution, the public is hereby assured of NMDPRA’s commitment to guarantee energy security,” the statement added.

The management of Dangote Refinery has terminated the employment of all its Nigerian workers.

The statement to this effect was shared on X, Wednesday, by a political commentator, Imran Wakili.

“Dangote Refinery has officially laid off all of its Nigerian workers under the guise of “reorganization”, less than 24 hours after 90% of them joined PENGASSAN,” he wrote.

Wakili said the development comes less than 24 hours after 90 percent of them joined the Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN.

According to a memo dated September 25, 2025, and signed by the Chief General Manager of Human Asset Management, Femi Adekunle, Wakili posted on X, the company said the decision was taken as part of a “total re-organisation” of the plant following reported cases of sabotage in different units of the refinery.

The notice directed affected staff to surrender all company property in their possession to their line managers and obtain exit clearance.

The finance department was also instructed to compute benefits and entitlements for payment in line with terms of employment.

The refinery’s management thanked the dismissed workers for their services while in its employment.

Dangote refinery and PENGASSN have been embroiled in a trade dispute over unionization issue.

DailyPost

The Presidency has defended Nigeria’s rising debt levels, emphasising that borrowing is a necessary and strategic tool for economic development rather than a sign of financial imprudence.

Special Adviser to President Tinubu on Media and Public Communication, Sunday Dare, responded on his official X account @SundayDareSD to criticisms from former senator Dino Melaye, who labelled the government’s borrowing as excessive and reckless.

Dare dismissed Melaye’s claims as uninformed “noise”, clarifying that the increase in Nigeria’s reported public debt of N149.39 trillion as of March 31, 2025, is mainly due to the depreciation of the naira, not new borrowing.

“When the currency depreciates, the naira value of existing external debt rises even without fresh loans,” he explained.

He highlighted that Nigeria’s debt-to-GDP ratio currently ranges between 40 and 45 per cent, which is moderate compared to South Africa’s 70 per cent and Ghana’s over 90 per cent.

Dare argued that the greater issue lies in improving government revenue generation rather than blaming borrowing levels.

“Debt is a legitimate instrument for financing growth and reforms. The key consideration is sustainability, not empty rhetoric. Unfortunately, Dino prefers theatrics over facts,” the presidential aide said.

Dare also noted progress in government revenue collection, which enhances Nigeria’s ability to meet its debt obligations.

According to him, the Tinubu administration is committed to the Renewed Hope Agenda reforms aimed at broadening the revenue base, sustaining investments, and maintaining debt sustainability.

“Until Dino understands the fundamentals of economics, his commentary will remain entertainment, not enlightenment,” he concluded.