Oyedele Denies Plans to Introduce Fuel Tax Amid Online Reports

According to a report by PUNCH on Wednesday, October 21, 2026, Minister of Finance and Coordinating Minister of the Economy Taiwo Oyedele has denied claims that the Federal Government plans to introduce a fuel tax, describing reports suggesting such a move as fake news.

Oyedele issued the clarification in a post on X on Tuesday, following reports that suggested the government could consider a fuel levy when economic conditions improved and Nigerians were better able to absorb additional costs.

The minister said his remarks during an interview with ARISE News had been misrepresented. He maintained that introducing a fuel tax was not part of the government’s current plans.

He also argued that imposing such a levy after the removal of the petrol subsidy would place another financial burden on Nigerians who were still dealing with the effects of the policy.

The clarification followed discussions about comments Oyedele made 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 interview, the minister explained that introducing a fuel tax while petrol was still subsidised would have been counterproductive because the government would effectively bear the cost of the tax through the subsidy arrangement.

He also stressed the importance of improving Nigerians’ incomes faster than prices rise, rather than concentrating solely on efforts to suppress prices.

Oyedele urged members of the public to disregard headlines that he said misrepresented his position and encouraged Nigerians to watch his original interview for context.

His clarification addresses the immediate controversy over whether a fuel tax is being planned. He did not announce a new fuel levy, and the reports he disputed should not be treated as confirmation of government policy.

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