No immediate plan to implement the surcharge of the oil product at 5% – Edun

The Minister of Finance and the Coordination of the Minister of Economy, Wale Edun, clarified that the Federal Government does not have the immediate plan to implement the tax on oil products of 5 %.

The minister, who made the clarification on Tuesday during a printing print in Abuja, explained that the inclusion of the 5 % tax in the new tax law was in order to harmonize the existing provisions in a single transparent framework for clarity and ease of conformity.

He said: “Why does this speculation of 2007 appear in the new act? First of all, the Nigerian Tax Act Act Act 2026 as it would have been or 2025 when it has been approved did not create a new supplement. It simply reformulated and harmonized the existing provisions in a single nongratic transparent framework does not mean an automatic introduction of new taxes.

“This does not automatically mean the new taxation. Now the law on Nigerian tax administration, which has been signed in law by Mr President in June, represents the most complete tax reform of Nigeria for decades as we know that it is a series of four invoices in general. It is a large milestone in our efforts to modernize our tax administration and improve the mobilization of revenue to protect citizens from excess charges.

While insisting on the fact that the 5 % supplement was not a new tax, Edun assured that the federal government will not make decisions that could further worsen the burden for the Nigerians.

“So I think I clarified as regards the fuel supplement, it is not long, it exists, it is not new, it exists since 2007 and its inclusion in the new law on tax administration 2025 is simply for harmonization, for transparency, there are also no immediate bathrooms. The burden for the Nigerians abound.

Highlighting the earnings of the reforms in progress, he said that the government has been committed to guaranteeing a strong, stable and growing that is guided by the private sector.

“I think this shows that the reforms are deliberated, guided by the tests and based on consultations and research and therefore that it really is the situation with the invoices of the tax reforms and, as we know that the government’s economic vision remains to build an inclusive, strong and growing economy and to ensure that the private sector is given the opportunity, is given the opportunity to allow the enabling environment, increase productivity, create jobs.

“In a closing note, let me just say that our economic journey in 2025 is marked by a renewed macroeconomic stability, there is a growing trust of investors, there is a statement that we are in the right direction by the development partners, international observers, international evaluation agencies among others and there is a continuous moment for the continuous momentum for the structural reform that this economy is taking from the current growth levels and growth levels.