Fuel Tax is Not on the Table—Oyedele

The Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, has denied reports that the federal government plans to introduce a fuel tax after the economy stabilises, describing the claims as misleading.

In a statement posted on his official X account on Tuesday, October 20, 2026, Mr Oyedele said his comments during an interview with Arise News had been misrepresented, insisting that a fuel tax was not under consideration.

“Misrepresented remarks on fuel tax. In my interview with ARISE News, I was clear: a fuel tax is not on the table,” he said.

The minister added that introducing such a tax after the removal of petrol subsidies would be insensitive, given the financial pressure Nigerians already face.

“Having removed the fuel subsidy, it would be insensitive for government to impose a fuel tax at this time,” he said, urging the public to disregard reports suggesting otherwise.

During the interview, Mr Oyedele noted that fuel taxation was common in several countries, including across Africa, where petroleum products are subject to multiple levies.

“Now, if you look across the world, between 20 to 80% of the price is taxes. Many of the countries in Africa have between six and 10 different taxes on fuel products,” he said.

The debate over fuel taxation has persisted in Nigeria amid concerns about government revenue generation and the rising cost of living.

In 2004, former President Olusegun Obasanjo’s attempt to introduce a N1.50-per-litre fuel tax triggered widespread opposition, with the Nigeria Labour Congress (NLC) threatening a general strike. Prominent political figures, including then-Lagos State Governor and current Nigerian President, Mr Bola Tinubu, also opposed the proposal.

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Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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