🔥 Breaking News: Fuel tax gained’t start till naira appreciates, oil value falls — Oyedele
📰 Discover the main points:
Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Mr. Taiwo Oyedele, has stated the proposed 5% gas surcharge (tax) might not be carried out till there’s a important growth in key financial signs, specifically an appreciation of the naira or a fall in worldwide crude oil costs.
Speaking on the Haulage and Logistics Magazine Conference & Exhibition in Lagos the day gone by, he famous that whilst the surcharge is a legitimate coverage designed to fund highway repairs, introducing it now would irritate the monetary pressure on Nigerians.
According to him, the surcharge which used to be first presented beneath the ex-president Olusegun Obasanjo coordination, used to be meant to devote a part of gas revenues to highway maintenance — 40% for federal roads and 60% for states and native governments roads.
“The thought is good and already being carried out in additional than 150 international locations,” Oyedele stated, including that the majority of Nigeria’s 200,000 kilometres of roads are in deficient situation.
He clarified that even supposing the Federal Roads Maintenance Agency (FERMA) had asked to start out accumulating the levy after gas subsidy elimination, the committee rejected the transfer.
“We stated no – introducing this kind of tax now can be insensitive,” he said.
The Committee, he added, integrated the surcharge within the draft tax regulation however with safeguards requiring the Minister of Finance to factor an authentic order sooner than it takes impact.
“For me, the appropriate time will likely be when the naira strengthens or crude costs drop, so the surcharge gained’t elevate pump costs,” he stated.
Oyedele additionally confident that the continued tax reforms would ship important reduction to the haulage and logistics business creation through getting rid of a couple of taxation, decreasing prices, and bettering potency.
“We aren’t introducing new taxes; we’re disposing of the various duplicated ones that frustrate transporters and building up costs,” he stated.
He defined that beneath the brand new coverage, small delivery and logistics companies with annual turnover underneath N100 million will likely be exempt from commerce finance tax, whilst eligible operators will get pleasure from VAT refunds and tax incentives.
Oyedele added that the reforms will simplify Nigeria’s advanced tax device and be sure that all collections are clear and successfully shared throughout all ranges of presidency.
The submit Fuel tax gained’t start till naira appreciates, oil value falls — Oyedele gave the impression first on Vanguard News.
📅 Published on 2025-10-31 00:38:00
👉 Source hyperlink: www.vanguardngr.com
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