Finance Minister Oyedele Denies Plans for Petrol Tax

Taiwo Oyedele, the Minister of Finance, has dismissed reports regarding the Federal Government's plan to introduce a five per cent tax on retail petroleum products. He made this clarification in a statement on his X account, stating that a fuel tax is not being considered by the administration.

This response followed concerns that such a tax could exacerbate the financial burden on Nigerians already facing high living costs. Reports had suggested that President Bola Tinubu’s administration was planning to impose this tax, leading to confusion among consumers.

Oyedele emphasized that during an interview with ARISE News, he clearly stated that a fuel tax is not on the table. The clarification comes as petrol prices have reached between N1,370 and N1,429 per litre, significantly impacting households and businesses reliant on petrol.

The proposed tax raised concerns about its potential effects on inflation, transportation costs, and the purchasing power of Nigerians.