Finance Minister Oyedele denies plans to tax petrol, calls reports fake news

Clarification on fuel tax In a statement posted on his X account on Tuesday, Finance Minister Taiwo Oyedele said the Federal Government has no plan to impose a fuel tax. He described reports that suggested a 5 per cent surcharge on retail petroleum products as “fake news” and urged Nigerians to disregard misleading headlines.

Government stance Oyedele explained that the removal of the petrol subsidy would make a fuel tax “insensitive” at present. He argued that imposing a levy while the government still subsidises fuel would effectively mean the state pays the tax itself. The minister said the priority should be to grow incomes faster than prices rise, rather than attempting to suppress fuel prices.

Public reaction The clarification came after several online outlets reported that the government intended to introduce a fuel tax once the economy stabilised and citizens’ incomes improved. Some commentators said the minister had said the tax would be introduced when the economy was “stable” and incomes could absorb the cost. Oyedele denied that such a plan existed, stating that the fuel tax was not on the table.

Economic context Nigerian motorists currently pay between N1,370 and N1,429 per litre of petrol, according to the Daily Post. An additional tax would raise those prices further. The debate over a fuel tax has long been contentious, with past attempts—such as the 2004 proposal by former President Olusegun Obasanjo—sparking mass protests. The current administration has been cautious, noting that any levy would require a ministerial order published in the Official Gazette.

Conclusion While some reports claim Oyedele hinted at a future fuel tax, the minister’s own statements on X and in an interview with ARISE News make it clear that no such tax is currently planned. He urged the public to watch his remarks directly rather than rely on sensational headlines.