Fuel Tax: Oyedele Denies Plan After Backlash As Petrol Sells For ₦1,429/Litre
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, following public concerns over the high cost of petrol and the rising cost of living.
Oyedele made the clarification in a statement on his X account on Tuesday, following reports that President Bola Tinubu’s administration was considering a five per cent tax on retail petroleum products.
The reports had attributed the proposed tax to the finance minister, sparking concerns that the levy could further increase the financial burden on Nigerians already struggling with high fuel prices.
However, Oyedele said the government was not considering such a measure.
“In my interview with ARISE News, I was clear: a fuel tax is not on the table,” he said.
His clarification comes amid persistent complaints over petrol prices, with millions of Nigerians reportedly paying between ₦1,370 and ₦1,429 per litre.
A new tax on petroleum products could have increased the cost of fuel, potentially worsening transportation expenses, household spending and operating costs for businesses that depend on petrol-powered generators.
The controversy follows the removal of the petrol subsidy in May 2023, a policy that has contributed to sustained public debate over fuel affordability and the government’s efforts to ease economic hardship.
Oyedele’s statement is expected to address concerns over the reported levy, although Nigerians continue to face pressure from high fuel prices and other rising living costs.
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