Finance Minister Taiwo Oyedele has linked the proposed introduction of fuel taxes in Nigeria to improved economic conditions, saying the government must first ensure that households are better positioned to bear the additional costs.
The policy, according to The Sun, is intended to generate revenue for road development and strategic fuel reserves, which could help Nigeria manage future disruptions in petroleum supply.
Oyedele, who also coordinates the economy, explained that the timing of the proposed taxes would depend on the outcome of ongoing reforms, economic stability and growth in personal incomes. He warned that introducing new levies while Nigerians were still adjusting to the removal of petrol subsidies could deepen existing financial pressures.
The minister made the remarks during an interview with ARISE News at the 2026 International Monetary Fund and World Bank Annual Meetings in Bangkok, Thailand, according to The Sun.
He said the government envisaged using revenue from the proposed taxes to strengthen road infrastructure and establish fuel reserves capable of cushioning the country against supply shortages and other petroleum market shocks. He added that the government could temporarily lower or suspend the levies when necessary.
Oyedele also indicated that the proposed policy would be implemented through established legal procedures. He said the relevant order would have to appear in the official gazette before the tax could take effect, with the government expected to explain its purpose and anticipated benefits to Nigerians.
