Nigeria No Return Of Fuel Subsidy Oyedele Insists

Nigeria No return of fuel subsidy Oyedele insists

The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has reaffirmed that the Presidency will not bring back fuel subsidy, despite growing public concerns over rising living costs following its removal. Speaking during a meeting with global investors in Paris, France, Oyedele said the government remains committed to its ongoing economic reforms and will not reverse the decision on fuel subsidy. Oyedele stressed that there is no plan to reinstate petrol subsidies, insisting that such policies previously created major economic “distortions” in the system. According to him, the subsidy regime interfered with market efficiency and placed unnecessary pressure on government finances. The minister also made it clear that the government will not impose price controls on petrol. He explained that the administration believes in allowing market forces to determine fuel prices, rather than government intervention.

Oyedele maintained that the market is capable of self-regulation, and this approach is central to the current reform agenda.

The statement comes amid widespread public concern over inflation and the rising cost of transportation, food, and other essentials since the removal of fuel subsidy in 2023. Despite these challenges, the government continues to defend the policy as necessary for long-term economic stability and fiscal discipline. Oyedele reiterated that the administration’s focus is on removing distortions, strengthening the economy, and attracting investor confidence through consistent and market-driven policies.

• No return of fuel subsidy
• No government price control on petrol
• Government insists market should set fuel prices
• Policy aimed at long-term economic stability