The Federal Government has described recent news reports suggesting that it has adopted or is considering new taxes on telecommunications services and petroleum products following the publication of the International Monetary Fund (IMF) Article IV Consultation Report on Nigeria, as ill-founded and totally false
The government, in a statement issued by the Head Information and Public Relations Unit of the Federal Ministry of Finance, Efe Ovuakporie, noted that the reports misrepresented the contents of the IMF report and did not reflect its policy direction.
Specifically, it clarified that the IMF Article IV Consultation Report contained the Fund’s assessment of Nigeria’s economy and recommendations for consideration by the fiscal authorities.
It maintained: “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.”
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It clarified that the Value Added Tax (VAT) waiver on petroleum products remains in place and has not been withdrawn, stating that although existing legislation provides for a fuel surcharge, such a measure can only take effect through a ministerial order and publication in the official gazette and that no such process is under consideration.
The statement indicated that the continued suspension of these charges had 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The government further clarified that the telecommunications excise duty introduced before 2023 has been repealed under the new tax laws and is therefore no longer applicable, adding that in view of the current situation, reports claiming that new taxes are being planned for telecommunications services or petroleum products are not factual and should be disregarded.
It restated its commitment to reforms that promote economic growth, improve revenue administration and create a more competitive environment for investment and job creation in the country.
To achieve this, government stated that emphasis would be on expanding economic activity, plugging leakages and improving efficiency rather than placing additional tax burdens on citizens, promising that any future tax measures will be announced through official channels and implemented in line with the law.
