Nigeria Finance Minister denies fuel tax plans

Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has dismissed reports suggesting the federal government plans to introduce a fuel tax as ‘fake news’.

Speaking on the sidelines of the 2026 IMF and World Bank annual meetings in Bangkok, Oyedele clarified that his previous remarks had been misrepresented by online reports. He stated that a fuel tax is not currently on the table, arguing that imposing such a levy immediately following the removal of petrol subsidies would be insensitive to citizens already facing high living costs.

Oyedele emphasized that the government’s immediate economic priority is to complete ongoing reforms, stabilize the economy, and ensure that income growth outpaces inflation. He noted that while fuel taxes are common in many other countries, Nigeria must first focus on restoring economic growth and improving living standards before any such discussions could be considered viable.