Wale Edun Finance minister.webp
The Digest:

The Federal Government has suspended plans to implement a controversial 5% Petroleum Products Tax, following intense public backlash and threats of industrial action from organised labour. Finance Minister Wale Edun confirmed the decision, emphasizing that there is no immediate intention to enforce the levy.

Key Points:
  • The tax was introduced under new legislation, but sparked widespread public anger
  • Organised labour issued an ultimatum to cancel the tax or face nationwide strikes
  • Finance Minister Wale Edun stated there is “no immediate plan” for implementation
  • The suspension aims to prevent further economic strain on citizens
  • The government faces pressure to balance fiscal policies with social welfare
  • Details on long-term tax reforms remain undisclosed
  • The decision reflects responsiveness to public sentiment and labour demands
This retreat underscores the government’s cautious approach to fiscal measures amid Nigeria’s fragile economic recovery.

Sources: Daily Post Nigeria