By Emmanuella Opara | October 21st 2026
KEY POINTS
- Finance Minister Taiwo Oyedele says the Federal Government has no plans to introduce a fuel tax.
- He describes reports suggesting otherwise as fake news and urges Nigerians to disregard misleading headlines.
- Oyedele says imposing a fuel tax under current economic conditions would increase the burden on Nigerians following fuel subsidy removal.
MAIN STORY
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has ruled out plans by the Federal Government to introduce a fuel tax, describing reports suggesting the move as fake news.
Oyedele clarified the government’s position in a post on X on Tuesday, accusing some online reports of misrepresenting his comments during an interview with ARISE News.
“In my interview with ARISE News, I was clear: a fuel tax is not on the table,” Oyedele said.
He added that introducing such a levy after the removal of the petrol subsidy would place an additional burden on Nigerians already dealing with the effects of the policy.
“Having removed the fuel subsidy, it would be insensitive for government to impose a fuel tax at this time,” he said.
The clarification followed reports suggesting that the government could introduce a fuel tax when economic conditions improve and Nigerians’ incomes are better able to accommodate the additional cost.
Dismissing the reports, Oyedele urged Nigerians to disregard what he described as misleading headlines and watch his original remarks on the matter.
“Some online reports have since twisted this message into a claim that the government plans to introduce fuel taxes. That is FAKE NEWS,” he said.
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 introducing a fuel tax while petrol was subsidised would have been counterproductive because the government would effectively have been paying the tax itself.
He also argued that economic policy should prioritise increasing incomes faster than prices rise rather than focusing solely on suppressing prices.
The minister maintained that imposing a fuel tax under prevailing economic conditions would further strain households still adjusting to the effects of subsidy removal.
THE ISSUES
The clarification comes amid public sensitivity to fuel prices and the cost of living following the removal of petrol subsidies. Any additional levy on fuel could increase transportation and distribution costs, potentially affecting household spending and business operations.
Oyedele’s remarks distinguish the government’s current position from reports suggesting a possible future tax. He said a fuel tax was not under consideration and argued that the prevailing economic conditions made such a measure inappropriate.
His emphasis on growing incomes faster than prices rise also highlights the government’s stated need to improve purchasing power as Nigerians contend with living costs.
WHAT’S BEING SAID
“Having removed the fuel subsidy, it would be insensitive for government to impose a fuel tax at this time,” Taiwo Oyedele, Minister of Finance and Coordinating Minister of the Economy, said.
“Some online reports have since twisted this message into a claim that the government plans to introduce fuel taxes. That is FAKE NEWS,” Oyedele said.
WHAT’S NEXT
Oyedele has urged Nigerians to refer to his original interview rather than rely on reports he described as misleading. The minister has not announced any plan to introduce a fuel tax, maintaining that the levy is not under consideration.
BOTTOM LINE
The Federal Government has ruled out plans to introduce a fuel tax under current conditions, with Oyedele arguing that an additional levy would place further pressure on Nigerians following petrol subsidy removal.
