Federal Government says it has not adopted the International Monetary Fund (IMF) recommendation to the country to introduce petrol and telecommunications taxes in order to shore up revenue.

Government also stated that it is not

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considering new taxes on telecommunications services and petroleum products on consumers.

It would be recalled that the International Monetary Fund (IMF) Article IV Consultation Report on Nigeria had advised the government to put in place taxes on services and products to raise internally generated revenue.

The IMF Article IV Consultation Report contains the Fund’s assessment of Nigeria’s economy as well as recommendations for consideration by the authorities. Those recommendations do not amount to government policy and are not binding on Nigeria.

Decisions on tax matters are taken through established constitutional and legislative processes and are guided by national priorities and prevailing economic realities.

Reacting to claims of government’s readiness to introduction the recommendations, Wednesday, a statement by Efe Ovuakporie  Head of Information and Public Relations Unit of the Finance Ministry, however, stated that the reports misrepresent the content of the IMF report and do not reflect federal government’s policy direction.

According to the media aide, those recommendations do not amount to government policy and are not binding on Nigeria.

Ovuakporie added that government policy decisions on tax matters are taken through established constitutional and legislative processes and are guided by national priorities and prevailing economic realities.

The Government clarified that the Value Added Tax (VAT) waiver on petroleum products remains in place and has not been withdrawn, while also noting that although existing legislation provides for a fuel surcharge, such a measure can only take effect through a ministerial order and publication in the Official Gazette. No such process is under consideration.

“The continued suspension of these charges has helped cushion the effect of global energy price fluctuations on households and businesses while keeping domestic fuel prices relatively stable,” Ovuakporie stated.

“Government further clarifies that the telecommunications excise duty introduced before 2023 has been repealed under the new tax laws and is therefore no longer applicable.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,” the statement read.