The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has rejected suggestions that the government plans to impose a fuel tax once the economy stabilizes, calling the reports “fake news” and saying such a levy is not on the government’s agenda.
Oyedele said in a post on X on Thursday that his comments in a television interview had been misrepresented.
He said imposing a fuel tax now would be insensitive to Nigerians still absorbing the effects of the removal of petrol subsidies.
“In my interview … I was clear: a fuel tax is not on the table,” Oyedele wrote, adding that some online reports had “twisted” his remarks into a claim of an impending government levy.
The controversy followed remarks Oyedele made on the sidelines of the International Monetary Fund and World Bank annual meetings in Bangkok.
He discussed fuel taxation internationally, noting that taxes account for a substantial share of pump prices in some countries, and said Nigeria’s priority was to stabilize the economy and restore growth.
He argued that a fuel tax would have been counterproductive while petrol subsidies remained in place because the government would effectively have been paying the tax itself.
He also said policymakers should focus on raising incomes faster than prices rise, rather than trying to suppress prices.
The denial comes amid persistent cost-of-living pressures following Nigeria’s 2023 removal of petrol subsidies, a reform that sharply increased transport and energy costs for households and businesses.
Opposition figures have seized on the episode, warning that any future fuel levy could deepen the burden on consumers.
Oyedele maintained that any future discussion of fuel taxation would depend on economic stability and improved household earning power—not an intention to impose new taxes now.
