The Presidency has dismissed reports claiming that President Bola Tinubu’s newly introduced five percent fuel tax will begin in January 2026, noting that the levy will only take effect when Finance Minister Wale Edun sets a date.
Amid public outcry over the new fossil fuel levy, Taiwo Oyedele, chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, clarified that the timeline being circulated is misleading.
In a video released by the State House on Friday, Oyedele explained that, “There was a law that was enacted some years back with a surcharge on fuel under the FEMA act. This is the provision that is now in the new tax law, and it does not take effect as of January 2026. I know some people have been giving wrong information about this.”
He stressed that the commencement date rests solely with the finance minister.
“What is in the new tax law is that this surcharge will take effect on a date in the future based on an order to be released by the Minister of Finance. And we do know that the Minister of Finance is responsible enough to determine when it is appropriate to do so.”
Oyedele did not say whether Edun would announce the implementation before or after January 2026, but he reassured Nigerians that the revenue would be channelled to the public good.
“The intention is to earmark and dedicate the revenue from this tax into providing transport infrastructure that can reduce the cost of transporting items, logistics, and overall bring down inflation for Nigerians.”
