Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has firmly ruled out any return of fuel subsidy, insisting that the Federal Government will not reverse its current market-driven pricing policy despite public concerns over rising fuel costs.
Speaking during a meeting with global investors in Paris, France, alongside President Bola Tinubu, Oyedele said the administration remains committed to economic reforms aimed at ensuring long-term stability rather than short-term relief measures.
“We will not bring back fuel subsidy because it creates distortions for the economy, and we won’t introduce price control because we believe in the market,” he stated.
According to him, the decision to maintain the removal of subsidy is anchored on the need to strengthen fiscal discipline, reduce government expenditure pressures, and correct long-standing economic inefficiencies that previously strained national finances.
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Oyedele explained that Nigeria’s current reform agenda is designed to build a more resilient economy capable of attracting investment and competing effectively in the global marketplace.
He also pointed to shifting global energy dynamics, including tensions in key oil-producing regions, noting that such developments present Nigeria with new opportunities to boost investment inflows and strengthen its energy sector position.
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The minister’s remarks come amid ongoing public debate over fuel pricing and the economic impact of subsidy removal under the Tinubu administration, a policy that has led to significant increases in transport and living costs.
Despite the backlash, Oyedele maintained that the removal of subsidy has eased fiscal pressure on government finances and improved the country’s capacity to implement broader economic reforms.
