
The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has revealed that the proposed 5% fuel surcharge (tax) will not be implemented until a significant improvement in economic indicators, like appreciation of the naira and a drop in crude oil prices, takes place.
Oyedele made the disclosure at the Haulage and Logistics Magazine Conference & Exhibition in Lagos on Thursday.
According to him, even though the surcharge policy is a sound one meant to fund road maintenance, introducing it now would worsen the financial strain on Nigerians.
“The idea is brilliant and already being implemented in more than 150 countries,” Oyedele stated, noting that most of the country’s 200,000 kilometres of roads are in poor condition.
Speaking further, he said the Federal Roads Maintenance Agency’s (FERMA) request to begin collection of the levy after fuel subsidy removal was rejected by the committee.
“We said no – introducing such a tax now would be insensitive.
“For me, the right time will be when the naira strengthens or crude prices drop, so the surcharge won’t raise pump prices,” Oyedele shared. (THe Sun)



























NEWS EXPRESS is Nigeria’s leading online newspaper. Published by Africa’s international award-winning journalist, Mr. Isaac Umunna, NEWS EXPRESS is Nigeria’s first truly professional online daily newspaper. It is published from Lagos, Nigeria’s economic and media hub, and has a provision for occasional special print editions. Thanks to our vast network of sources and dedicated team of professional journalists and contributors spread across Nigeria and overseas, NEWS EXPRESS has become synonymous with newsbreaks and exclusive stories from around the world.