FG to Implement Fuel Tax Changes Amid IMF Guidance

The Federal Government plans to introduce new fuel taxes within one day, according to the Minister of Finance. This move follows the International Monetary Fund’s recent advice against reinstating blanket petrol subsidies for Nigeria. The IMF’s Fiscal Affairs Department director, Rodrigo Valdés, emphasized that redirecting funds to vulnerable citizens would better address rising energy costs.

Valdés noted that while political pressures exist due to fuel price fluctuations, blanket subsidies are financially unsustainable. He stated that available resources should prioritize those most impacted by higher energy prices, a recommendation made during the IMF and World Bank Group annual meetings in Bangkok, Thailand.

The Calabar Marathon, scheduled for October 31 with the theme 'Run for Conscience Against Poverty', coincides with these fiscal adjustments.