Otedola breaks silence on Tinubu’s 15% petrol, diesel tariff move

Billionaire businessman Femi Otedola has commended President Bola Ahmed Tinubu for introducing a 15 per cent import tariff on petrol and diesel, describing the move as a bold step to protect local industries and boost domestic production.

In a post on his X account on Monday, Otedola said the policy safeguards the investments made by Nigerian refineries and encourages the nation’s industrialisation efforts.

He highlighted that unchecked importation of cheaper and substandard goods had historically weakened key sectors such as textiles, local vehicle assembly, and manufacturing, warning that similar challenges could arise in the energy sector if not addressed.

According to Otedola, the tariff not only protects billions of dollars already invested in refining infrastructure but also promotes job creation, value addition, and a sustainable energy future. He added that the policy would contribute to stable pricing, better inflation control, and long-term economic stability.

Otedola described President Tinubu’s approach as visionary leadership, saying it reflects the kind of decisive policy-making needed to steer Nigeria toward its goal of becoming a $1 trillion economy.

This endorsement adds to growing public attention on the government’s efforts to strengthen local production and reduce reliance on imported petroleum products.