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Nigeria’s Minister of Finance and Coordinating Minister of Economy, Taiwo Oyedele, has ruled out the possibility of the return of fuel subsidy.
Oyedele, during a meeting with President Bola Tinubu and investors on Tuesday, said subsidies created economic “distortions”, adding that petrol prices will not be controlled because the Presidency believed the market was capable of regulating itself.
“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… the situation in Iran presents new opportunities for us as the world looks to diversify sources of energy and invest in new markets”, said Oyedele.
Nigeria enjoyed a fuel subsidy for decades, but Tinubu announced its removal during his inauguration in 2023. The inflation rate skyrocketed, and the cost of living bludgeoned Nigerians, leaving them to bear the brunt.
Tinubu’s aide, Dada Olusegun, in a statement, noted that Tinubu told the investors that Nigeria has recorded stability in its foreign exchange following the removal of the “burden” of fuel subsidy.
“Subsidy that was a burden to the entire country, was removed and ever since we have achieved FX stability”, Tinubu told the investors.
The finance minister highlighted Nigeria’s robust GDP growth in dollar terms in 2025. According to him, recorded 11.2% GDP growth in dollar terms last year, a record that reinforced the country’s ambition to achieve a $1 trillion economy in 2030.
Some of the investors who spoke at the meeting commended the government’s transformative reforms and expressed optimism about the Nigerian economy.
