The Federal Government maintains that it will not roll back President Bola Tinubu’s economic policies, ruling out any return to fuel subsidy or a multiple exchange rate system.
Taiwo Oyedele, the Minister of Finance and Coordinating Minister of the Economy, delivered this message on Saturday to address concerns regarding the administration’s economic direction ahead of the 2027 general elections.
Speaking on the sidelines of the World Bank and International Monetary Fund meetings in Bangkok, Thailand, Oyedele emphasized the administration’s firm commitment to sustaining the elimination of fuel subsidies and the liberalization of the foreign exchange market.
He noted that the possibility of a policy reversal is a recurring topic during his dialogues with global investors, credit rating agencies, and multilateral institutions.
He stressed that the administration has no plans to reinstate petroleum subsidies or a multiple exchange rate system.
“And let me be clear as well, this was a recurring question almost through all our engagements, but also with the rating agencies, with the investors, and the multilateral institutions. Every time they ask, are you reversing your plans? Are you bringing back subsidies? Let me be clear, there will be no return to fuel subsidies or multiple exchange rates,” the minister said.
This clarification comes as the withdrawal of fuel subsidies resurfaces as a major political talking point, with opposition figures proposing alternative remedies to ease public hardship ahead of the 2027 elections.
Both former Vice President Atiku Abubakar of the African Democratic Congress (ADC) and Peter Obi of the Nigeria Democratic Congress (NDC) have criticized the administration’s economic measures and pressed for interventions to address the escalating cost-of-living crisis.
Backstory…
The Federal Government’s latest rejection of a return to fuel subsidy comes days after it announced a 30-day petrol discount at Nigerian National Petroleum Company Limited (NNPC) retail outlets, triggering debate over whether the intervention amounts to a subsidy in another form.
However, the announcement drew criticism from some labour and political figures, who questioned whether the intervention was effectively a subsidy under another name.
Trade Union Congress President Festus Osifo argued that efforts to cap fuel prices could amount to a subsidy, while SDP chieftain Adewole Adeboye questioned the policy’s structure and funding arrangements.
Read Also: FG’s 30-Day Petrol Discount: Fuel Subsidy Is Not Coming Back’ — Finance Minister Insists
