FG to introduce gasoline tax when incomes enhance

The Federal Government has revealed plans to introduce a gasoline tax.

Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, disclosed this throughout an interview on the sidelines of the 2026 International Monetary Fund and World Bank annual conferences in Bangkok, Thailand.

He stated the tax could be launched when the economic system stabilises and the incomes of Nigerians enhance sufficiently to accommodate the extra price.

According to Oyedele, income from the tax would assist highway infrastructure and the event of a gasoline reserve to cushion future worth shock.

Oyedele stated introducing the tax whereas petrol was subsidised would have been counterproductive as a result of the federal government would successfully have paid the cost itself. He added that imposing it instantly after subsidy removing would have positioned extra strain on Nigerians.

Oyedele stated: “The objective should be that instead of trying to suppress prices, which hasn’t worked for us, it hasn’t worked for any country in the world, not one. Instead of trying to suppress prices, think about how to grow income faster than prices rise.

“That’s how you bring prosperity and grow the middle class and that is exactly what we are doing as led by Mr. President himself.

“At the appropriate time, when the economy has stabilised and income level will be able to accommodate it, those taxes will come. Not because we want to impose taxes.”