No Plan to Introduce Petrol Tax, Finance Minister Taiwo Oyedele Clarifies

Nigeria’s Minister of Finance, Taiwo Oyedele, has dismissed reports that the Federal Government plans to introduce a petrol tax, insisting that the proposed levy is not under consideration.

Oyedele made the clarification in a post on his official X account on Tuesday, amid reports that President Bola Tinubu’s administration was planning to impose a five per cent tax on retail petroleum products.

The reports had attributed the proposed tax to the finance minister, triggering concerns over the potential impact on fuel prices and the cost of living for Nigerians.

However, Oyedele said his position on the matter had been clear during a recent interview with ARISE News, denying that the government was considering the proposed levy.

“In my interview with ARISE News, I was clear: a fuel tax is not on the table,” he wrote.

The clarification comes as Nigerians continue to grapple with high petrol prices and rising living costs. According to reports, petrol was selling for between N1,370 and N1,429 per litre at the time of the report.

The prospect of an additional tax on petroleum products had raised concerns that the measure could further increase transportation costs and the prices of goods and services across the country.

Petrol price changes often have wider economic implications in Nigeria, where transport and distribution costs influence the prices of food, manufactured goods and other essential commodities.

Oyedele’s statement seeks to address the speculation surrounding the proposed five per cent levy and reassure Nigerians that the government has no current plan to introduce the petrol tax.