Popular economist and chief executive of Financial Derivatives Company Limited, Bismark Rewane, explained that President Bola Ahmed Tinubu’s approval of a 15 per cent import duty on petrol and diesel is good for the country.

Rewane, speaking in an interview on Channels TV, said the import tariff is designed to encourage local production of petroleum products.

According to the policy, it is aimed to discourage imports and retain jobs in Nigeria.

“Petrol import duty is good for the country. Why is it good? Because it encourages domestic production. Anytime you import, you are actually creating jobs for other countries rather than your own country. Basically, import protection is good,” he said.

DAILY POST reports that Tinubu approved a 15 per cent import duty on petrol and diesel.

The move means that Nigerians would have to pay more for fuel consumption when it is implemented.

Recently, data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority showed that 69 per cent of petrol consumed in Nigeria is imported, while 31 per cent is locally produced.

The policy places Dangote Refinery in an advantageous position in the country’s oil and gas sector.

However, Nigerians have kicked against the move, saying it would cause more hardship in the country.

This comes as an All Progressives Congress chieftain in Delta State, Ayiri Emami, on Thursday urged President Tinubu to withdraw the 15 per cent import duty tariff because it will bring more hardship for Nigerians.