The 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 them as “fake news” and insisting that the levy is not on the government’s agenda.
Oyedele, in a post on X on Tuesday, said his remarks during an interview with ARISE News had been misrepresented.
He maintained that introducing a fuel tax under the prevailing economic conditions would be insensitive to Nigerians following the removal of the petrol subsidy.
The clarification followed reports suggesting that the government would introduce the levy when the economy stabilised and income levels improved sufficiently for citizens to accommodate it.
Oyedele insisted that his comments should not be interpreted as an announcement of a government plan to impose an additional tax on fuel.
During the interview, conducted on the sidelines of the 2026 International Monetary Fund and World Bank annual meetings in Bangkok, Thailand, the minister explained that introducing a fuel tax while petrol was subsidised would have been counterproductive because the government would effectively be paying the tax itself.
Oyedele said the priority should be to grow incomes faster than prices rise rather than suppress prices.
He argued that improved incomes and economic stability were essential to prosperity and the growth of the middle class, adding that introducing a fuel tax under the current circumstances would be insensitive to Nigerians.
