The Federal Government has dismissed reports claiming it is planning to introduce new taxes on telecommunications services and petroleum products following the International Monetary Fund (IMF) Article IV Consultation Report on Nigeria.
In a statement issued by the Head of the Information and Public Relations Unit at the Ministry of Finance, Efe Ovuakporie, the government said the reports misrepresented the IMF findings and did not reflect official policy direction.
According to the statement, the IMF report only provided an economic assessment and advisory recommendations, which are not binding on Nigeria and do not automatically translate into 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 statement read.
The government further clarified that the Value Added Tax (VAT) waiver on petroleum products remains in effect and has not been withdrawn.
It also noted that although existing laws provide for a fuel surcharge, such measures can only take effect through a ministerial order and official publication in the Federal Government Gazette, adding that no such process is currently underway.
According to the statement, the continued suspension of such charges has helped to cushion the impact of global energy price fluctuations on households and businesses, while also maintaining relative stability in domestic fuel prices.
The Ministry also addressed concerns over telecommunications taxation, stating that the excise duty previously introduced before 2023 has been repealed under new tax legislation and is no longer in force.
It added that reports suggesting new taxes on telecom services or petroleum products are false and should be disregarded.
“Any future tax measures will be announced through official channels and implemented in line with the law,” the statement added.