Taiwo Oyedele, Minister of Finance and Coordinating Minister of the Economy, has reaffirmed that the Federal Government will not reinstate the fuel subsidy.
He made this known on May 5 while addressing journalists in Paris, following a meeting between Bola Tinubu, members of the Nigerian delegation, and French business leaders.
According to Oyedele, the government remains firm in its stance, stressing that subsidies are harmful to the economy. “We will not bring back subsidy because it creates destruction for the economy, and we won’t introduce price control because we believe in the market,” he said. He added that the government would instead focus on proper regulation to prevent exploitation by suppliers, traders, and manufacturers.
He also noted that global developments, including tensions involving Iran, present potential opportunities for Nigeria as countries seek to diversify energy sources and invest in new markets.
President Tinubu had, during his inauguration on May 29, 2023, declared the end of the fuel subsidy regime, stating it would not return. However, recent increases in global petrol prices—linked to tensions involving the United States, Iran, and Israel—have sparked renewed calls for the government to reconsider the policy in order to ease the burden of rising fuel costs on Nigerians.
