The Federal Government will introduce a fuel tax when the economy stabilises and Nigerians’ incomes improve, Finance Minister Taiwo Oyedele has said.
Oyedele explained that the government would not impose additional fuel taxes while households were still struggling with the rising cost of living following the removal of the petrol subsidy.
He said the proposed tax would be introduced only when economic conditions improved enough for Nigerians to cope with the additional financial burden.
The minister noted that the government’s priority was to strengthen the economy, improve household purchasing power and ensure that economic growth translated into better living conditions.
He added that the proposed fuel tax framework is expected to generate revenue for road infrastructure and the development of strategic fuel reserves to help Nigeria manage future disruptions in petroleum supply.
Oyedele also indicated that the government could consider adjusting or suspending the taxes during periods of exceptional market pressure.
He stressed that the implementation of the policy would follow the required legal procedures, including the publication of relevant official directives.
The proposed measure is expected to generate further discussions about fuel prices, taxation and the cost of living as Nigerians await improvements in economic conditions.
The government has yet to provide a definitive implementation date, with the timing dependent on economic stability and improvements in citizens’ incomes.
