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By, Biola Davies Dangote is trending because the price of fuel is set to increase by ~₦99, as the President. Tinubu introduced a new 15% import tax, in addition to the anticipated 5% surcharge in 2026. Nigerians believe Aliko Dangote has a hand in it, as it only plays to his advantage. Meaning that, anyone who imports fuel or diesel will pay 15% of the total value of the shipment. i.e. if the total cost of an import is $1M, the importer is expected to pay $150k tax to the government. Therefore, to recover, they will shift the tax to the consumers (Nigerians). If fuel sells for ₦840, they will likely add 15% to it and sell to you at ₦966 per litre. In some regions, it could hit ₦1,200/l. This move is to protect local refineries like Dangote’s. It aligns with the PIB, Petroleum Industry Bill, late President Buhari signed in 2021. This doesn’t inherently mean the price of fuel and diesel will increase. It will only increase at fuel stations whose products are imported, not sourced locally like MRS, Ardova, Heyden, etc, who partner with Aliko Dangote. So it totally benefits Aliko Dangote. Hence, the blame. But the problem is — over 60% of Nigeria’s Petroleum is imported. A lot of the fuel stations servicing the country are run on imported petroleum. When their price increases, Dangote wins, which could force many out of business, and if they are forced out, Fuel becomes the new Dangote Cement. — Monopoly. Nigerians are condemning the 15% Tax, because it adds to an already loaded tax burden. This tax goes live within 30 days of notifying NMDPRA and the Nigeria Customs Service (NCS). It is, however, capped at ₦99.72 per litre on imports.
