That’s what they say, but it’s actually misleading and inaccurate. The fuel excise is a Federal tax that just goes into general revenue (same as, say, income tax, alcohol excises, the tobacco excise, etc.). It’s the states that are implementing the EV taxes. They don’t automatically or directly get any money from the fuel excise.

The EV tax is a new, different, and not equivalent tax. They’ve hastily brought it in now before enough people have EVs to realise - which explains why it’s so badly designed (take, for instance, rural drivers that need to drive much further distances than city folk but have worse maintained roads and don’t really cause significant road wear or congestion. They’ll pay far more than the city dwellers! Or if you drive half the time in a different state, like people in regional areas who live on the border, you’ll pay a state tax for driving on another state’s roads!).