Combo image of SDP Adewole Adebayo and President Bola Ahmed Tinubu

The 2023 presidential candidate of the Social Democratic Party (SDP), Prince Adewole Adebayo, has criticised President Bola Tinubu’s recent approval of a 15 per cent import duty on refined petroleum products, describing the policy as “anti-people and exploitative”.

Speaking on Channels Television’s Politics Today on Thursday, Adebayo accused the Tinubu administration of overtaxing citizens, saying the government’s fiscal approach had become excessive.

“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,” Adebayo said.

He argued that the new import duty is unjust and inconsistent with the ideals Tinubu once represented. “It is an anti-people decision and a trend in the new Tinubu. Tinubu, who used to be in SDP, following Abiola everywhere during Hope ’93, has practically changed to the side of the money people,” he said.

The SDP chieftain further criticised the administration’s apparent fixation on revenue collection, remarking that “they see you as a customer, not a citizen. If you have twins and triplets in your house, Tinubu is going to think of twins tax or ‘multiple childbirth tax’. He’s just thinking of how to collect more money. It’s wrong.”

Adebayo warned that the 15 per cent tariff would worsen the economic hardship facing Nigerians, as the cost would inevitably be passed on to consumers.
“If you put 15 per cent 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.

He blamed the government for failing to make Nigeria’s refineries functional despite heavy investments. “You are the reason why we cannot meet our domestic consumption. The president is the Minister of Petroleum. What kind of chaotic system is this?” he queried.

According to him, instead of imposing more taxes, the president should prioritise fixing local refineries.
“For example, we gave you refineries to manage. You appointed yourself Minister of Petroleum. We spent billions on turnaround maintenance. You are not making the refineries work,” he said.

Adebayo urged President Tinubu to give a clear directive to the Minister of State for Petroleum, Heineken Lokpobiri, and NNPC Ltd’s Managing Director, Bayo Ojulari, to revive the refineries within six months and end fuel importation.

President Tinubu had earlier approved a 15 per cent ad valorem import duty on petrol and diesel imports into the country, in a directive addressed to the Federal Inland Revenue Service (FIRS) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

The decision followed a proposal by FIRS Chairman Zacch Adedeji, who described the tariff as part of a “market-responsive import framework” aimed at protecting local refineries and stabilising the downstream sector.

However, experts have warned that the policy could further increase pump prices, as Nigeria still imports about 67 per cent of its petrol needs, despite the gradual commencement of operations at the 650,000 barrels-per-day Dangote Refinery.