The federal government on Wednesday, June 17, 2026, declared that reports suggesting that new taxes are being planned by it for telecommunications services and petroleum products are not factual, thus should be discountenanced.
The International Monetary Fund (IMF) in its Article IV Consultation Report on Nigeria, advice the Federal Government to implement new taxes on telecommunications services and petroleum products to raise more revenue.
But, a statement by the Federal Ministry of Finance pointedly stated that the IMF recommendations were not binding on Nigeria, stressing that the content of the Fund’s report did not reflect the government’s policy direction.
The statement which was signed by Efe Ovuakporie, Head of the Information and Public Relations Unit of the Ministry, stated that those projecting the content of the IMF report as a fresh tax regime by the federal government of Nigeria are misrepresenting the report.
The statement further said; “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,” it explained.
The federal government specifically said that any future tax measures will be announced through official channels and implemented in line with the law, stressing that the Value Added Tax (VAT) waiver on petroleum products remains in place and has not been withdrawn.
The statement also said 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.
It further said; “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The government also said the telecommunications excise duty that was introduced before 2023, has been repealed under the new tax laws, thus no longer applicable.
The statement emphasised that the government remains focused on reforms that promote economic growth, improve revenue administration, and create a more competitive environment for investment and job creation.
It said that any future tax measures will be communicated to Nigerians through official government channels, saying that the emphasis remains on expanding economic activity, plugging leakages and improving efficiency rather than placing additional tax burdens on citizens.
