The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has rejected media reports suggesting that the Federal Government plans to impose a fuel tax, labelling the claims as fake news and a distortion of his comments during an interview with ARISE News.
In a statement published on his official X account on October 20, 2026, Oyedele maintained that no fuel tax is under consideration. He explained that introducing such a levy after the removal of the petrol subsidy would compound the burden on Nigerians already grappling with higher living costs.
“Having removed the fuel subsidy, it would be insensitive for government to impose a fuel tax at this time,” the minister said, urging the public to disregard headlines implying that the measure was planned.
The clarification stemmed from an interview granted on the sidelines of the 2026 International Monetary Fund and World Bank Annual Meetings in Bangkok, Thailand. During the discussion, Oyedele outlined the conditions under which fuel taxes might be contemplated, tying any potential decision to economic stability and improved household incomes.
Some online platforms subsequently reported that the government would introduce fuel taxes once economic conditions strengthened. Oyedele rejected that interpretation, saying his comments had been twisted into a suggestion that the policy was already in the works.
Fuel taxation remains a sensitive subject in Nigeria following the removal of petrol subsidies and the consequent rise in fuel prices. Additional levies on petroleum products can push up transport fares, distribution costs and the prices of goods and services across the economy.
During the original interview, Oyedele noted that many countries tax petroleum products and that such revenue can help fund road infrastructure and fuel reserves. He also pointed out that a legally required order published in the official gazette would have to be issued before any new tax could come into effect.
His subsequent clarification, however, is that a fuel tax is not currently on the table. The government’s position, as stated by the minister, is that it would be insensitive to impose an extra burden immediately after subsidy removal.
