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 the reports as fake news. He insisted that the proposed levy is not on the government’s agenda.
Oyedele made the clarification in a post on X, saying his comments during an interview with ARISE News had been misrepresented. He stressed that his remarks should not be interpreted as an announcement of plans to impose an additional tax on fuel.
The minister said introducing a fuel tax under current economic conditions would be insensitive to Nigerians still struggling with the effects of petrol subsidy removal. His response followed reports suggesting the government could introduce the levy once the economy improved and citizens’ incomes increased.
During the interview, held on the sidelines of the 2026 International Monetary Fund and World Bank annual meetings in Bangkok, Thailand, Oyedele explained why imposing a fuel tax while petrol was subsidised would have been counterproductive.
According to him, the government would effectively be paying the tax itself if the levy were introduced while subsidies remained in place. He used the explanation to clarify the economic considerations surrounding fuel taxation.
Oyedele also argued that the government’s priority should be to ensure incomes grow faster than prices, rather than attempting to suppress prices. He maintained that improving Nigerians’ purchasing power should remain central to economic policy.
The minister said any future consideration of fuel taxation would depend on economic stability and higher income levels. However, he reiterated that introducing the levy under the prevailing conditions would be insensitive to Nigerians.
