IMF: FG Dismisses Report on New Telecom, Fuel Taxes
The Federal Government (FG) has dismissed a report suggesting that it was considering new taxes on telecommunications services and petroleum products.
This is contained in a statement issued by the Head of Information and Public Relations in the Federal Ministry of Finance, Efe Ovuakporie, in Abuja.
The federal government said that the reports misrepresented recommendations contained in the International Monetary Fund (IMF) Article IV Consultation Report on Nigeria.
The government explained that IMF recommendations were advisory and do not constitute government policy or binding obligations on Nigeria.
“The tax decisions in Nigeria are made through constitutional and legislative processes, guided by national priorities and economic realities,” it said.
The federal government said the Value Added Tax (VAT) waiver on petroleum products, remains in force and has not been withdrawn.
“No process is underway to activate any fuel surcharge provided for under existing legislation.
“Any such surcharge will require a ministerial order and publication in the Official Gazette before implementation.
“The suspension of such charges has helped shield households and businesses from global energy price shocks,” the federal government said.
It said domestic fuel prices have remained relatively stable due to the continued waiver and suspension measures.
It said that the telecommunications excise duty introduced before 2023 had been repealed under new tax laws. Government said the excise duty was no longer applicable, contrary to claims circulating in some reports.
The federal government reaffirmed its commitment to reforms that support economic growth, improve revenue administration and attract investment.
The government said that future tax measures, if any, would be announced through official channels and implemented in accordance with the law. FG, States, LGCs Share N2.257trn Federally Collected Revenue in April
