Minister of Finance Taiwo Oyedele announced that the Federal Government will introduce a fuel tax only when the national economy becomes stable.
The Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, has declared that the Federal Government will introduce new fuel taxes only when the national economy stabilizes and citizens’ monthly incomes grow enough to handle the extra costs.
The government chief disclosed this information during an exclusive television interview with ARISE News, held on the sidelines of the 2026 International Monetary Fund and World Bank Annual Meetings taking place in Bangkok, Thailand.
According to the minister, the main plan of the government is to first finish economic reforms, bring back economic growth, and boost public earnings before adding any extra charges on petrol.
Explaining why bringing back new fuel charges immediately after taking away the petrol subsidy would cause deep pain to everyday households across Nigeria, the minister noted that timing is key to protect citizens.
Warning that adding extra fuel charges too quickly would hurt ordinary citizens, Taiwo Oyedele stated: “You remove subsidy, you can’t immediately impose taxes. That would be insensitive. You push the people to the wall.”
The finance chief explained that in many countries around the world, taxes make up a big part of pump prices, while several African nations put up to ten different levies on petroleum products.
Comparing petrol pricing systems in other nations with what obtains in Nigeria, Oyedele noted: “This is what more than 50 countries around the world, they were reducing the taxes, but we had no taxes; there was nothing to reduce.”
Outlining the core goals of the current administration under President Bola Tinubu, the minister stressed that the government wants people’s income levels to grow faster than the rising prices of market goods.
Detailing the economic pathway before fuel taxes can be introduced, Taiwo Oyedele stated: “So, for us, it’s complete the reform, stabilise the economy, bring growth back. So, at the appropriate time, when the economy has stabilised, and income levels can accommodate it, then those taxes will come.”
The minister explained that when the fuel taxes are finally brought in, the money collected from petrol buyers will not be wasted but will go directly into fixed public projects that help everyday people.
See Also: Popular Transport Financing Giant Moove Pack Bags and Exits Nigeria Weeks After Uber
Explaining the exact projects that the tax money will build, Taiwo Oyedele noted: “Not because we want to impose taxes, it will be because those amounts of taxes will be dedicated into road infrastructure, they’ll be dedicated into building our fuel reserve, that can help us moderate prices of fuel products, if anything happens.”
He added that building a solid national fuel reserve will give the government power to reduce or suspend fuel taxes temporarily whenever global oil prices jump up, keeping local fuel prices stable.
Assuring citizens that the Federal Government will act with full openness and honesty whenever the policy is ready, the finance minister promised that nothing will be done secretly behind closed doors.
Reassuring the public about legal transparency, Taiwo Oyedele declared: “There has to be an order published in the gazette by the finance minister, which means we can’t do it in secret.”
Market analysts and trade groups are following government economic updates as global financial meetings continue in Thailand.
Jennifer Baba is a journalist, international news correspondent, and writer at Moderncrux, where she covers artificial intelligence, fintech, emerging technologies, global politics, and international affairs. Based in Nigeria, she is passionate about transforming complex global developments into clear, engaging stories that inform and inspire readers.
