By Bassey Udo
The Federal Government says it is considering the introduction or adoption of new taxes on telecommunications services and petroleum products.
Following the release of the report on the conclusion of the International Monetary Fund (IMF) 2026 Article IV Consultation on Nigeria on June 1, there have been several reports that the government was contemplating the introduction of fresh policies to assuage the concerns, which the report highlighted as posing significant risks to the country’s overall growth outlook.
But, the Federal Ministry of Finance on Tuesday dismissed such reports, saying that they misrepresented the contents of the IMF report and did not reflect the policy direction of the government.
The Ministry said the IMF Article IV Consultation Report contained the Fund’s assessment of Nigeria’s economy as well as recommendations for consideration by the Federal Government.
Those recommendations, the Ministry said, 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 Ministry clarified.
Also, the Ministry said the government had clarified that the Value Added Tax (VAT) waiver on petroleum products was still in place and has not been withdrawn.
Although existing legislation provides for a fuel surcharge, the Ministry pointed out that such a measure can only take effect through a ministerial order and publication in the Official Gazette, adding that no such process was under consideration at the moment.
The continued suspension of these charges, the Ministry said, 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The government further clarified that the telecommunications excise duty introduced before 2023 has been repealed under the new tax laws and was therefore no longer applicable.
Against this backdrop, the Ministry said reports claiming that new taxes were being planned for telecommunications services or petroleum products were not factual and should be disregarded.
“The Federal Government remains focused on reforms that promote economic growth, improve revenue administration and create a more competitive environment for investment and job creation,” the Ministry said.
“The emphasis remains on expanding economic activity, plugging leakages and improving efficiency rather than placing additional tax burdens on citizens. Any future tax measures will be announced through official channels and implemented in line with the law” it added.
