Minister of Finance and Coordinating Minister of the Economy, Wale Edun, revealed yesterday that the Federal Government has no immediate plan to implement a five per cent surcharge on petrol.
Edun, who specifically addressed reporters on the issue in Abuja, stated that the government’s priority at the moment was to make the new tax regime beneficial to the general public.
He added that the Bola Ahmed Tinubu administration was fully aware of the economic challenges faced by Nigerians and would not take decisions that could further increase their burden.
We will not worsen the burden on Nigerians. As of today, no order has been issued, none is being prepared, and there is no plan, no immediate plan to implement any surcharge,” the minister said.
Edun explained that the inclusion of the surcharge in the recently enacted Nigeria Tax Administration Act does not translate into an automatic introduction of new levies.
According to him, a formal process must be followed before such a measure can take effect.
His words: “There’s even a process before any surcharge can come into effect. It requires a commencement order from the Honourable Minister of Finance. And this indeed must be published in a gazette.
“So, it’s not automatic that we wake up on January 1 and there’s a new tax and it’s going to be levied. No.
‘’There’s a whole formal process involved. And as of today, no order has been issued, none is being prepared, and there is no plan, no immediate plan to implement any surcharge”
