YPP presidential candidate faults FG’s 90-day economic plan

Nigerian Finance Minister Taiwo Oyedele has firmly rejected allegations that the federal government intends to introduce a fuel tax, labeling such claims as fabricated misinformation. In a public statement posted on the social media platform X on Tuesday, Oyedele clarified that no such levy is currently being considered. He stated that following the recent removal of the fuel subsidy, imposing a new tax would be insensitive given the current economic climate. The minister accused certain online publications of distorting remarks made during a recent interview to create false narratives about fiscal policy. Oyedele’s comments came in response to circulating reports suggesting that authorities planned to implement a fuel tax once economic conditions stabilized and household incomes could absorb the additional cost. The finance chief dismissed these assertions directly, urging citizens to ignore misleading headlines and refer instead to his actual statements. During an interview with ARISE News, conducted on the sidelines of the 2026 annual meetings of the International Monetary Fund and the World Bank in Bangkok, Thailand, Oyedele explained the logic behind the government’s stance. He noted that collecting a fuel tax while petrol remained subsidized would have been counterproductive, as the state would effectively be paying the tax itself through subsidies. The minister emphasized that the primary economic objective should be growing incomes faster than prices rise, rather than focusing solely on price suppression. He argued that introducing a fuel tax under prevailing conditions would place an undue burden on Nigerians who are still adjusting to the effects of subsidy removal. Oyedele maintained that the government’s priority remains stabilizing the economy through structural adjustments rather than immediate revenue extraction via taxation. Separately, political opposition figures have criticized the federal government’s broader economic strategies. Peter Agada, the presidential candidate for the Young Progressives Party, attacked the administration’s newly approved 90-day action plan designed to alleviate the cost of living crisis. Speaking in Abuja on Saturday, Agada characterized the initiative as a pre-election campaign tactic that ignores fundamental economic realities. He questioned the efficacy of previous interventions, noting that despite various measures aimed at reducing petrol prices and supporting businesses, the cost of living continues to climb. Agada specifically targeted the timing of the 90-day plan, which coincides with the period leading up to the 2027 general election. He suggested that the promises serve primarily to secure votes rather than solve long-term issues. The YPP candidate pointed to specific financial commitments made in 2023 after the subsidy removal, including allocations for manufacturing, small and medium enterprises, agriculture, and the compressed natural gas sector. According to Agada, these funds included N75 billion for manufacturing, N75 billion for micro-SMEs, N50 billion in conditional grants, and N100 billion for CNG initiatives. He further cited N200 billion allocated to cultivate 500 hectares and N50 billion for rice farmers. Despite these investments, Agada observed that the government subsequently removed tariffs on food imports, a move he claimed failed to curb food inflation. He argued that the administration has failed to deliver on its pledges, resulting in a loss of credibility among economic analysts and the public. Agada asserted that the economic team has lost its bearings, citing a lack of positive assessments from television and radio commentators. As an alternative, Agada promoted his party’s LabourDirect ward-to-ward development strategy. He claimed this approach could empower communities with N40 million monthly per ward and capture national participation within 60 days of implementation. The candidate proposed a monitoring system powered by the Labour Direct Information Network, which would track projects, employment, production, and tax revenues through a single application. Agada urged the government to engage experts capable of fixing the micro-economy before January 16, rather than relying on macro-economic promises. He advised Nigerians to demand monthly job creation data to verify the progress of the 90-day plan, warning that without such accountability, the initiative remains merely a political maneuver.