BY CHIKA OKEKE
The Federal Government has countered the reports of the International Monetary Fund, IMF, suggesting that it has adopted or is considering new taxes on telecommunications services and petroleum products.
Specifically, the government hinted that the reports misrepresented the content of the IMF publication and do not reflect its policy direction.
The IMF had on June 9, 2026, released Article IV Consultation Report on Nigeria, which assessed the country’s economic reform programme and recommendations for consideration by the authorities.
In the report, the IMF Executive Board praised Nigeria’s recent tax reforms, but added that additional tax policy measures may be needed over the medium term, including to fund a scaled-up cash transfer program to provide relief to the most vulnerable.
But the Federal Ministry of Finance noted that IMF recommendations do not amount to government policy and are not binding on Nigeria, adding that decisions on tax matters are taken through established constitutional and legislative processes, and are guided by national priorities and prevailing economic realities.
The ministry clarified that the Value Added Tax, VAT, waiver on petroleum products remains in place and has not been withdrawn.
It also noted that although existing legislation provides for fuel surcharge, such measure can only take effect through a ministerial order and publication in the Official Gazette, adding that no such process is under consideration.
Head of Information and Public Relations Unit, Efe Ovuakporie on Wednesday in Abuja, clarified that the continued suspension of the charges helped to trim down the effect of global energy price fluctuations on households and businesses while keeping domestic fuel prices relatively stable.
The IMF report also indicated that strong reforms over the past three years yielded improved macroeconomic outcomes and built resilience.
Wondering why the conditions for many Nigerians remained difficult despite the reforms, IMF lamented that poverty reached 63 percent (national poverty line) while 27 million Nigerians are estimated to have faced food insecurity in the fall of 2025.
While the external shock to fuel and food prices will push up inflation in the short run, the IMF hinted that disinflation path is projected to continue in the second half of the year.
Ovuakporie stated that the telecommunications excise duty introduced before 2023 has been repealed under the new tax laws and is therefore no longer applicable.
“Against this backdrop, reports claiming that new taxes are being planned for telecommunications services or petroleum products are not factual and should be disregarded.
“The Federal Government remains focused on reforms that promote economic growth, improve revenue administration and create a more competitive environment for investment and job creation. The emphasis remains on expanding economic activity, plugging leakages and improving efficiency rather than placing additional tax burdens on citizens.
“Any future tax measures will be announced through official channels and implemented in line with the law,” she added.
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