Oyedele Rules Out Fuel Tax, Calls Report Fake News

Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has dismissed reports that the Federal Government plans to introduce a fuel tax, describing the claims as fake news.

Oyedele said reports suggesting that the government intended to impose the levy when economic conditions improved had misrepresented his comments during an interview with ARISE News.

In a post on his official X account on Tuesday, October 20, 2026, the minister maintained that introducing a fuel tax was not part of the government’s current policy plans.

“In my interview with ARISE News, I was clear: a fuel tax is not on the table,” he said.

He added that imposing an additional levy on petroleum products following the removal of the petrol subsidy would be insensitive to Nigerians still struggling with rising living costs.

“Having removed the fuel subsidy, it would be insensitive for government to impose a fuel tax at this time,” Oyedele stated.

The minister accused some online reports of twisting his remarks to suggest that the government was preparing to introduce the tax once the economy stabilised and citizens’ incomes improved.

“Some online reports have since twisted this message into a claim that the government plans to introduce fuel taxes. That is FAKE NEWS,” he said, urging Nigerians to disregard what he described as misleading headlines and watch his original interview.

During the interview, conducted on the sidelines of the 2026 annual meetings of the International Monetary Fund and the World Bank in Bangkok, Thailand, Oyedele discussed fuel taxation and its implications for Nigeria’s economy.

He explained that introducing a fuel tax while petrol was subsidised would have been counterproductive because the government would effectively have been paying the tax itself.

The minister also argued that economic policy should prioritise improving citizens’ purchasing power rather than attempting to suppress prices.

According to him, growing incomes faster than prices rise would provide a more sustainable route to prosperity and help strengthen Nigeria’s middle class.

The clarification comes amid public concerns over rising petrol prices and the wider effects of fuel costs on transportation, household spending and business operations.

Oyedele maintained that the government’s immediate priority was to ease economic pressures on Nigerians rather than introduce additional fuel taxes.

He urged the public to rely on official government communications and the full interview for accurate information about the administration’s fiscal policies.