Oyedele Denies Plans to Introduce Fuel Tax, Describes Reports as Fake News

Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has denied reports that the Federal Government plans to introduce a fuel tax, describing the claims as false and a misrepresentation of his remarks during a television interview. Oyedele issued the clarification on Tuesday through his official X account, following reports that the government would introduce fuel taxes after the economy stabilised and Nigerians’ income levels improved. “In my interview with ARISE News, I was clear: a fuel tax is not on the table,” the minister stated. He added that imposing such a levy following the removal of the petrol subsidy would be insensitive to Nigerians already facing higher living costs. “Having removed the fuel subsidy, it would be insensitive for government to impose a fuel tax at this time,” he said. The controversy followed an interview Oyedele granted ARISE News 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 discussed the possibility of fuel taxes under improved economic conditions, explaining that the government’s immediate priority was to stabilise the economy, restore growth and improve household incomes. He had said such taxes could be considered when economic conditions and income levels allowed Nigerians to accommodate the additional costs. He also suggested that revenue from future fuel taxes could support road infrastructure and the development of fuel reserves to help cushion the impact of future disruptions in petroleum supply. However, in his subsequent clarification, Oyedele accused some online publications of presenting his remarks in a misleading manner. “Some online reports have since twisted this message into a claim that government plans to introduce fuel taxes. That is FAKE NEWS,” he said. He urged Nigerians to disregard the headlines and watch his original interview to understand the context of his comments. The minister also reiterated that immediately imposing a fuel tax after subsidy removal would place an additional burden on households and businesses. The clarification comes amid continued public concern over petrol prices and their effects on transportation, food prices and the cost of running businesses. The Federal Government removed the petrol subsidy in May 2023 as part of its broader economic reforms. The policy led to a substantial change in petrol pricing, with households and businesses facing increased transportation and operating costs. Oyedele’s comments distinguish the government’s current position from a discussion about possible tax measures under different economic conditions. His denial concerns claims that the government is presently planning to introduce a fuel tax. Any future tax measure would need to follow the applicable legal and administrative procedures before implementation. The minister encouraged Nigerians to rely on official government communications and the full context of public statements when assessing reports about proposed economic policies.