No plan to return fuel subsidy – Oyedele

By Ayorinde Oluokun

Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele has affirmed that the Federal Government is not contemplating bringing back fuel subsidy.

Oyedele said this when he joined President Bola Tinubu at a meeting with global investors in Paris, France on Tuesday.

He added that the Nigerian government will also not introduce price control.

The Minister said this in reaction to calls by some Nigerians for reintroduction of subsidy following astronomical hike in price of petroleum products as a result of the ongoing Middle East dispute involving the United States, Israel and Iran.

“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, Oyedele said.

He added that the situation in Iran presents new opportunities for Nigeria as the world looks to diversify sources of energy and invest in new markets.”

Oyedele also highlighted Nigeria’s strong economic performance under the Tinubu’s administration.

Oyedele told the investors that Nigeria recorded a strong GDP growth rate of 11.2% in US dollar terms in 2025 reinforcing the country’s ambition to achieve a $1 trillion economy by 2030.

The minister outlined government’s priority of translating reforms into tangible benefits for citizens and pledged quarterly publication of financial data to strengthen transparency.

Speaking earlier at the event, President Tinubu said his administration’s reform programme were targeted at ensuring macroeconomic stability and inclusive growth.

He noted that measures were being implemented to remove economic distortions and strengthen policy credibility.

“The focus remains on policy stability and diligent execution to ensure these strategic shifts translate into concrete benefits for all Nigerians,” he said.

The President also reiterated commitment to transparency in the oil sector and a multi-pronged security strategy.

He said the strategy includes decentralisation of policing and efforts to curb terrorist financing.

Some of the investors who spoke at the meeting commended the reforms and expressed optimism about Nigeria’s economic outlook.

Responding to a question on his post-2027 agenda, Tinubu pledged to sustain fiscal discipline, transparency and policy consistency.

According to the Presidency, investors at the meeting included representatives from Citibank, Amundi, BlueCrest, Ninety One, Kirkoswald Capital, Principal Finisterre, Prudential Global Investment Management and Mesarete Capital.

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