Oyedele rules out return of fuel subsidy amid economic pressure

Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has ruled out any possibility of returning fuel subsidy, insisting that the Federal Government will not reverse the policy despite ongoing public concerns over rising fuel costs.

Speaking during a meeting with global investors in Paris alongside President Bola Tinubu, Oyedele said the administration remains committed to a market-driven system and will not reintroduce subsidy or price controls.

“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 said.

He explained that the decision is rooted in efforts to stabilise the economy and avoid the fiscal pressures that previously weighed heavily on government spending.

Oyedele added that current global energy dynamics, including tensions in oil-producing regions, present opportunities for Nigeria to attract investment and strengthen its position in the global energy market.

The minister’s comments come amid renewed debate over fuel pricing in Nigeria, following earlier subsidy removal policies introduced under the Tinubu administration.

He also noted that despite criticism, the removal of subsidy has helped reduce fiscal strain and improved the government’s ability to manage economic reforms.