Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has denied reports that the Federal Government intends to introduce a fuel tax, describing the claims as false and misleading.
Oyedele said the government had no plan to impose the levy, warning that some online publications had distorted his comments during an interview with ARISE News.
The minister, in a post on X on Tuesday, maintained that his position on the matter had been misrepresented.
“In my interview with ARISE News, I was clear: a fuel tax is not on the table,” he said.
He argued that imposing an additional tax on fuel at a time when Nigerians were still bearing the effects of petrol subsidy removal would be insensitive.
“Having removed the fuel subsidy, it would be insensitive for government to impose a fuel tax at this time,” he added.
The minister’s reaction followed reports indicating that the Federal Government might introduce a fuel tax when economic conditions improved and Nigerians had sufficient income to accommodate the additional expense.
However, Oyedele rejected the interpretation of his remarks, describing the reports as fake news and urging the public to disregard them.
“Some online reports have since twisted this message into a claim that the government plans to introduce fuel taxes. That is FAKE NEWS,” he stated.
He also urged Nigerians to watch the full interview rather than rely on headlines that, according to him, misrepresented what he said.
Oyedele spoke during an interview conducted on the sidelines of the 2026 annual meetings of the International Monetary Fund and the World Bank in Bangkok, Thailand.
During the discussion, he explained that introducing a fuel tax under the former petrol subsidy regime would have made little economic sense because the government would effectively bear the cost of the tax through subsidy payments.
He also stressed the need for policies that would improve Nigerians’ purchasing power, arguing that income growth should outpace rising prices.
The minister’s clarification comes as Nigerians continue to grapple with the economic consequences of subsidy removal, including increased transportation costs and pressure on household spending.
Oyedele maintained that the government had no intention of compounding these challenges with a fuel tax under the prevailing economic circumstances.
Leave a Reply