Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele
Federal Government of Nigeria has dismissed reports suggesting it has approved or is considering new taxes on telecommunications services and petroleum products.
The clarification followed media reports linking such measures to recommendations contained in the International Monetary Fund (IMF) Article IV Consultation Report on Nigeria.
According to the government, the reports misrepresented the IMF’s position and did not reflect Nigeria’s current policy direction.
In a statement issued on Wednesday by the Head of the Information and Public Relations Unit of the Ministry of Finance, Efe Ovuakporie, the government stressed that IMF recommendations are not binding on the country.
“The IMF Article IV Consultation Report contains the Fund’s assessment of Nigeria’s economy as well as recommendations for consideration by the authorities. Those recommendations do not amount to government policy and are not binding on Nigeria. Decisions on tax matters are taken through established constitutional and legislative processes and are guided by national priorities and prevailing economic realities”.
The government also clarified that the Value Added Tax (VAT) waiver on petroleum products remains in place and has not been withdrawn.
It explained that although existing laws provide for a fuel surcharge, such a measure can only be implemented through a ministerial order and publication in the Official Gazette.
“No such process is under consideration. The continued suspension of these charges has helped cushion the effect of global energy price fluctuations on households and businesses while keeping domestic fuel prices relatively stable”.
The statement further noted that the telecommunications excise duty introduced before 2023 has been repealed under the new tax laws and is no longer applicable.
It added that reports of planned new taxes on telecom services and petroleum products are unfounded, stressing that the government remains committed to economic reforms, revenue efficiency and investment-friendly policies without imposing additional tax burdens on citizens.
