FG clarifies alleged plan to introduce fuel tax

Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has dismissed reports that the Federal Government plans to introduce a fuel tax when the economy stabilises, describing them as “fake news” and insisting that the levy is not on the government’s agenda.

Oyedele said in a post on X on Tuesday that his comments during an interview with ARISE News had been misrepresented.

He maintained that introducing a fuel tax under the prevailing economic conditions would be insensitive to Nigerians still grappling with the impact of petrol subsidy removal.

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The minister’s clarification followed reports that the government would introduce the levy when economic conditions improved and citizens’ incomes could accommodate it.

He insisted that his remarks should not be interpreted as an announcement of a government plan to impose a new tax on fuel.

During the interview, conducted on the sidelines of the 2026 International Monetary Fund and World Bank annual meetings in Bangkok, Thailand, Oyedele explained that introducing a fuel tax while petrol was subsidised would have been counterproductive, as the government would effectively be paying the tax itself.

He also argued that the priority should be to grow incomes faster than prices rise, rather than suppress prices.

According to him, any consideration of fuel taxation would depend on economic stability and improved income levels, not a desire to impose additional taxes on Nigerians.

He said his immediate position remained that introducing the levy at this time would be insensitive.