The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has dismissed reports that the Federal Government plans to introduce a fuel tax, insisting that the levy is not under consideration.
Oyedele accused some online publications of misrepresenting his comments during an interview with ARISE News, saying the government had no plan to impose the tax under the prevailing economic conditions.
In a post on X on Tuesday, the minister said: “In my interview with ARISE News, I was clear: a fuel tax is not on the table.”
He added: “Having removed the fuel subsidy, it would be insensitive for government to impose a fuel tax at this time.”
The clarification followed reports suggesting that the government might introduce a fuel tax when economic conditions improved and Nigerians’ incomes could accommodate the additional cost.
Rejecting the reports, Oyedele said: “Some online reports have since twisted this message into a claim that the government plans to introduce fuel taxes. That is FAKE NEWS.”
He urged Nigerians to disregard what he described as misleading headlines and watch his original remarks on the issue.
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During the interview, held on the sidelines of the 2026 annual meetings of the International Monetary Fund and the World Bank in Bangkok, Thailand, Oyedele explained that imposing a fuel tax while petrol was subsidised would have been counterproductive because the government would effectively be paying the tax itself.
The minister also argued that economic policy should prioritise increasing incomes faster than prices rise rather than focusing solely on suppressing prices.
He maintained that introducing a fuel tax under current conditions would place an additional financial burden on Nigerians still grappling with the effects of fuel subsidy removal.
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