Nigeria Dismisses New Telecoms, Fuel Tax Reports

The Federal Government of Nigeria has officially dismissed reports that indicated plans to introduce new taxes on telecommunications services and petroleum products. The government clarified that these reports misrepresented the content of the International Monetary Fund's (IMF) Article IV consultation report, which does not bind Nigeria to any tax policy decisions.

The government emphasized that any tax matters must go through the established constitutional legislative process, prioritizing economic realities. It was noted that the value-added tax (VAT) waiver on petroleum products remains in effect, and there are no plans to withdraw it.

Additionally, the government confirmed that the excise duty introduced in 2023 has been repealed and is no longer applicable. The Minister of Finance stated that the government remains focused on reforms aimed at promoting economic growth, improving revenue administration, and creating a competitive environment for investment and job creation.

Future tax measures will be announced through official channels.