Oyedele gave the warning on Monday, October 19, while speaking at the International Monetary Fund (IMF) and World Bank Annual Meetings in Bangkok, Thailand.
The minister ruled out reversing the Federal Government’s economic reforms, including the removal of fuel subsidies, warning that even a suggestion by President Bola Tinubu’s administration that it was considering reinstating the subsidy could unsettle financial markets, increase borrowing costs and worsen economic hardship for Nigerians.
Oyedele said domestic and international investors had largely dismissed the opposition’s position on the economy, adding that any indication of a possible return to fuel subsidies would trigger an immediate market reaction.
“In all the meetings I have had, I came to a conclusion that the markets, including the domestic market, which you can read from the capital market, and the international market, have largely written off the opposition in Nigeria as being unserious,” he said.
He warned that even a statement from the President suggesting that the government was considering restoring the subsidy could trigger an immediate outflow of capital.
“Airfares would struggle, the naira would come under severe pressure, potentially moving towards 3,000, 3,500 or even 4,000. The very fuel people want subsidised would become far more expensive in naira terms,” Oyedele added.
