Video: FG addresses misconception on fuel tax implementation under new tax law
Chairman, Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele
Abdullateef Fowewe
The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has addressed recent misconceptions regarding the fuel surcharge provision embedded in Nigeria’s new tax legislation.
In a video shared by the Statehouse on Friday, Oyedele emphasised that while the surcharge exists in the law, it has not taken effect as of January 26, contrary to some misinformation circulating among the public.
“What we have is that there’s a law that was enacted some years back with a surcharge on fuel under the FEMA act. This is a provision that is now in the new tax law, and it does not take effect as of January 26, I know some people have been giving wrong information about this,” Oyedele explained.
He further clarified that the surcharge’s activation depends on a future directive from the Minister of Finance, who holds the responsibility to determine the appropriate timing.
The chairman also highlighted the purpose behind the fuel surcharge initiative, stating that the revenue generated is intended to be “earmarked, and dedicated into providing transport infrastructure that can reduce the cost of transporting items, logistics and overall, bring down inflation for the Nigerian people.”
