Minister of Finance rules out introduction of fuel tax

Nigeria’s Minister of Finance, and coordinating minister of the economy, Dr. Taiwo Oyedele, has assuaged the fears of Nigerians, by ruling out, that, the government of, President Bola Ahmed Tinubu, plan to introduce fuel tax, when the economy stabilizes, when Nigerians’ income can accommodate additional costs.

Dr. Oyedele, while reacting to an interview he granted to Arise News, accused some online publications of twisting his remarks from the interview.

In a post on his verified X handle, on Tuesday, 20th, October, the minister wrote, ‘in my interview with Arise News, I was clear. A fuel tax is not on the table’.

His clarification followed circulating online reports, by some media publications, that the government intends to introduce a fuel tax, once the economy improves, when Nigerians’ income can accommodate the tax burden, as their incomes improve subsequently.

Adding that, ‘having removed fuel subsidy, it would be insensitive for government to impose a fuel tax, at this time ‘, he noted that, introducing a fuel tax, under the prevailing economic condition, would place additional burden on Nigerians still grappling with the effects of subsidy removal.

The minister, clearly stated that the priority of the government is to grow income faster than prices rise.

He dismissed the online reports, and urged Nigerians to always verify information before believing them.

The minister, who before his appointment as minister of finance, was the Chairman, Presidential Committee on Fiscal Policy and Tax Reforms, set up by President Bola Tinubu, in 2023, with a broad mandate, to carry out critical reforms, bothering on fiscal governance, Revenue Transformation and Economic Growth Facilitation.

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