Nigeria's Finance Minister Denies Plans for Fuel Tax

The Nigerian government has refuted reports suggesting plans to introduce a fuel tax, labeling them as misleading. Taiwo Oyedele, the Minister of Finance and Coordinating Minister of the Economy, clarified this on his official X account on October 20, 2026.

His comments followed an interview during the 2026 annual meetings of the International Monetary Fund and World Bank in Bangkok, Thailand, where he discussed how other countries generate revenue from petroleum products. Oyedele noted that imposing a fuel tax under current economic conditions would be insensitive to Nigerians, who are still dealing with the repercussions of petrol subsidy removal in 2023.

He stated that introducing a fuel tax while subsidies remain would be counterproductive, as the government would effectively be paying the tax itself. Oyedele's remarks were misinterpreted as a suggestion that a fuel tax could be introduced in the future, prompting his clarification that there are no plans for such a levy.