Proposed Fuel Tax No Go Start Until Naira Don Strong Or Oil Price Drop — Oyedele

Di proposed 5% fuel surcharge (tax) no go start until Naira don show beta strength or global crude oil price fall wella. Na Mr. Taiwo Oyedele, wey be Chairman of di Presidential Committee on Fiscal Policy and Tax Reforms, talk dis one for Lagos during di Haulage and Logistics Magazine Conference & Exhibition. Oyedele yarn say even though di surcharge na correct policy wey fit help maintain roads, to start am now go only add more wahala to Nigerians wey already dey feel financial heat. Di tax first start under ex-President Olusegun Obasanjo time, and e suppose make part of fuel money go road repair, 40% for federal roads and 60% for state and local government roads. E talk say di idea don dey work for over 150 countries, but most of Nigeria’s 200,000 kilometres of roads still dey in bad shape.

Oyedele still clear say Federal Roads Maintenance Agency (FERMA) bin wan begin collect di levy after fuel subsidy comot, but di committee talk strong “no,” say e go be wickedness to do am now. Dem include di surcharge for draft tax law but with one condition, di Minister of Finance must give official order before e fit start. According to Oyedele, di right time go be when Naira don strong or crude oil price don drop, so e no go make fuel price high again. He assure di haulage and logistics people say di ongoing tax reforms go reduce wahala for dem side by removing multiple taxes, reduce cost, and make system clear. Small transport and logistics business wey no make up to N100 million every year go no pay company income tax, and dem go even fit get VAT refund and tax incentives. Di whole reform wahala na to make Nigeria tax system simple, clean and make sure every money wey dem collect dey transparent and reach every level of government.