The Federal Government of Nigeria has dismissed reports suggesting it is considering new taxes on telecommunications services and petroleum products to raise revenue. The clarification follows the publication of the International Monetary Fund (IMF) Article IV Consultation Report on Nigeria.
Official Statement
In a statement on Wednesday, Efe Ovuakporie, Head of Information and Public Relations at the Ministry of Finance, said the reports misrepresented the IMF report and did not reflect government policy. He noted that the IMF report contains recommendations, not binding policies.
Government Clarifications
The government reaffirmed that the Value Added Tax (VAT) waiver on petroleum products remains in place to control price fluctuations. It also stated that while legislation for a fuel surcharge exists, it requires a ministerial order and gazette publication to take effect.
Additionally, the telecommunications excise duty introduced before 2023 has been repealed under new tax laws and is no longer applicable.
Commitment to Reforms
The Federal Government emphasized its focus on reforms that promote economic growth, improve revenue administration, and create a competitive environment for investment and job creation. The statement added that any future tax measures will be announced through official channels and implemented lawfully.
Reports claiming new taxes on telecoms or petroleum products are not factual and should be disregarded.
