Oyedele rules out fuel tax, calls report fake news

File photo: The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele.

The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has ruled out plans to introduce a fuel tax, describing reports suggesting otherwise as “fake news”.

Oyedele said the Federal Government had no plan to impose the levy, accusing some online reports of twisting his remarks during an interview with ARISE News.

In a post on X on Tuesday, the minister said, “In my interview with ARISE News, I was clear: a fuel tax is not on the table.”

He added, “Having removed the fuel subsidy, it would be insensitive for government to impose a fuel tax at this time.”

Oyedele’s clarification followed reports suggesting that the government intended to introduce a fuel tax once economic conditions improved and Nigerians’ incomes could accommodate the additional burden.

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Dismissing the reports, he said, “Some online reports have since twisted this message into a claim that the government plans to introduce fuel taxes. That is FAKE NEWS.”

He urged Nigerians to disregard what he described as misleading headlines and watch his remarks on the issue.

During the interview, conducted on the sidelines of the 2026 annual meetings of the International Monetary Fund and the World Bank in Bangkok, Thailand, Oyedele explained that imposing a fuel tax while petrol was subsidised would have been counterproductive because the government would effectively be paying the tax itself.

He also argued that the priority should be to grow incomes faster than prices rise, rather than focus on suppressing prices.

The minister maintained that introducing a fuel tax under the prevailing economic conditions would place an additional burden on Nigerians still grappling with the effects of subsidy removal.

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