Nigeria’s proposed 5% fuel surcharge will only be implemented when the economy recovers, specifically when the naira strengthens or global crude oil prices drop.
This was stated by Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, at the Haulage and Logistics Magazine Conference in Lagos.
The levy, aimed at funding road maintenance, was initially introduced under former President Olusegun Obasanjo’s administration.
Oyedele emphasized that introducing the surcharge now would worsen financial strain on Nigerians, given the current economic situation.
Small transport and logistics businesses with annual turnover below ₦100 million will be exempt from company income tax
The ongoing reforms aim to simplify Nigeria’s tax system, improve transparency, and ensure equitable distribution of revenue across all tiers of government.
Oyedele also highlighted that the reforms would eliminate multiple taxation, reduce operational costs, and boost efficiency in the haulage and logistics industry.
The fuel surcharge is expected to fund road maintenance, with 40% allocated to federal roads and 60% to state and local government roads.
