Follow Us on Google
The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has stated that the 5% surcharge on fuel was not introduced by President Bola Tinubu’s government.
Speaking during an appearance on Channels Television’s ‘The Morning Brief’ on Tuesday, Oyedele said the law was introduced in 2007.
According to him, it was not implemented then because fuel was being subsidised by the government.
“One very important message for people to know is that this surcharge was not introduced by this government. It was introduced in 2007.
“And then it was not implemented because the government was subsidising fuel,” Oyedele shared.
Other News
Explaining further, Oyedele said the surcharge was initially not part of the tax bills signed into law by the president earlier in the year.
“While we were doing this tax reform, it was not even in the original proposal, so it was not like the President proposed it to the National Assembly.
“But in the process of working on the bills, these issues came up, and then the decision was made that we should not have different agencies collecting taxes,” he said.
“So, the law that set up this surcharge mandated the Federal Road Maintenance Agency (FERMA) to collect this surcharge: 40% of it was to be for the Federal Government road, and 60% was meant to go to the states. Like I said, it was not implemented.”
