The Coalition of Nigerian Petroleum Importers has issued a stark warning to President Bola Ahmed Tinubu's administration regarding the controversial 15% National Automotive Council (NAC) levy on imported petroleum products.
Impending Fuel Price Crisis
Industry leaders are sounding the alarm that without immediate government intervention, Nigerians should brace for significant increases in fuel prices across the nation. The 15% tariff, originally designed for automotive development, is now threatening to destabilize the already fragile petroleum market.
Marketers' Ultimatum
According to the coalition, petroleum marketers are struggling under the weight of multiple taxation layers, with the NAC levy representing the final straw that could break the camel's back. They emphasize that the continued application of this tax makes fuel importation economically unsustainable.
Economic Domino Effect
The warning comes with serious implications for the broader economy. Increased fuel costs would inevitably trigger:
- Higher transportation fares nationwide
- Increased prices of goods and services
- Accelerated inflation rates
- Reduced purchasing power for ordinary Nigerians
Call for Presidential Action
The petroleum importers are urgently calling on President Tinubu to review the tax implementation, arguing that the current policy contradicts the administration's promises of economic relief and recovery. They stress that timely intervention could prevent another round of economic hardship for millions of Nigerians already grappling with rising living costs.
The coalition's message represents a critical test for the Tinubu administration's economic policies and its ability to balance revenue generation with citizen welfare.
