By: Ijeoma G | Edited by: Henry Owen | Stone Reporter News
The Federal Government has announced that the proposed fuel tax policy will not be implemented immediately, pending improvements in the naira’s value and a decline in international oil prices.
Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, made the revelation, emphasizing that the government is carefully monitoring economic conditions to prevent further strain on households and businesses.
“We will not implement the fuel tax policy until the naira strengthens and global oil prices ease,” Oyedele stated, noting that the decision reflects the administration’s commitment to economic stability.
The proposed fuel tax had previously sparked debates among policymakers, economists, and consumer groups, with concerns raised over potential increases in transportation costs and inflationary pressures.
Oyedele assured Nigerians that the government continues to explore fiscal reforms and other revenue-generating measures, while balancing the need to protect citizens from undue financial burden.
Analysts believe that the government’s stance demonstrates a cautious approach amid volatile currency fluctuations and international oil market dynamics, signaling a wait-and-see strategy before introducing new levies.
The Federal Government has urged stakeholders and citizens to stay informed through official channels regarding any updates on the fuel tax and related economic policies.
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