The Federal Government has dismissed reports that it has adopted, or is thinking about, new taxes on telecoms services and petroleum products. The rumours followed the publication of the IMF’s Article IV Consultation Report on Nigeria.
On Wednesday, Efe Ovuakporie, head of information and public relations at the Ministry of Finance, said the reports misrepresent the IMF paper and do not reflect government policy.
“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 said the VAT waiver on petroleum products remains in place. It also noted that, while existing law provides for a fuel surcharge, such a measure needs a ministerial order and publication in the Official Gazette — and “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“The Government further clarified that the telecommunications excise duty introduced before 2023 has been repealed under the new tax laws and is therefore no longer applicable.
“Against this backdrop, reports claiming that new taxes are being planned for telecommunications services or petroleum products are not factual and should be disregarded,” it stated.
The FG said it is focused on reforms to grow the economy, improve revenue administration, attract investment and create jobs. Any future tax measures, it added, will be announced through official channels and done in line with the law.
