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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.
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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.
