Suspension Of 15% Tarrif On Fuel Importation Inimical To Economic Growth — MURIC

The Muslim Rights Concern (MURIC) has warned that the suspension of the 15% tariff on fuel importation by the Federal Government posed danger to the growth of the country.

MURIC’s executive director, Professor Ishaq Akintola, in a statement on Friday, said the decision was ill-advised, badly timed and in bad taste.

According to him, it was inimical to Nigeria’s economic growth and self-reliance.

‎”The federal government yesterday suspended the 15% tariff on imported fuel. the suspension of the tariff is inimical to economic growth and self-reliance,” Prof. Akintola.

‎The suspension was announced on Thursday, November 13, 2025, by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

“In our humble opinion, this suspension is ill-advised, badly timed and in bad taste. It is inimical to Nigeria’s economic growth and self-reliance.

“While we appreciate several economic reforms embarked upon by Federal Government which are bold and visionary, we are constrained to single out the suspension of the 15% import tax for scrutiny and review.

‎”Coming at a time when the country is just beginning to reap the fruits of the existence of an indigenous oil refinery, the suspension can only be described as ill-timed.

‎”By churning out 1.4 million barrels per day, the existing local refinery can meet the local oil demand which is around 48 million to 52 million liters. Nigeria must allow local industries to flourish.

“We must equally encourage local investors so that they can multiply. Dangote Refinery is one of such. We strongly believe that its growth will embolden other local business tycoons to come into the picture,” MURIC added.

It appealed to the Federal Government to reconsider the suspension of the 15% tariff on imported fuel, saying: “The country stands to gain immensely from blocking further importation of goods that we already have in abundance.

‎”We have a lot to learn from countries like China and Singapore whose leaders locked up their boarders for decades to allow local industries to thrive.”