No Going Back on Fuel Subsidy Removal - Nigerian Govt Insists Amid Hardship
Taiwo Oyedele said the 30-day petrol discount is not a subsidy as the government faces pressure over rising living costs and election-year debate.
- On Saturday, Minister of Finance and Coordinating Minister of the Economy Taiwo Oyedele ruled out any reversal of fuel subsidy removal and foreign exchange market liberalization, speaking from World Bank and IMF meetings in Bangkok, Thailand.
- Opposition leaders Former Vice-President Atiku Abubakar of the African Democratic Congress and Peter Obi of the Nigeria Democratic Congress have proposed returning to subsidies ahead of the 2027 elections, prompting the government clarification.
- Government officials insist the NNPC's recent intervention, selling petrol at cost price for about 30 days, is a commercial decision rather than a subsidy paid from public funds.
- Oyedele noted that rating agencies and investors frequently inquire about potential policy reversals during multilateral engagements, underscoring investor concern over reform stability.
- While global financial institutions hailed the reforms as positive for fiscal health, many Nigerians continue expressing frustration over the cost-of-living crisis amid these structural economic changes.
11 Articles
11 Articles
No going back on fuel subsidy removal - Nigerian Govt insists amid hardship
The Federal Government says it will not bring back fuel subsidy or multiple exchange rates, insisting it will not reverse the reforms introduced by President Bola Tinubu. Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said this in a statement on Saturday while responding to concerns over the government’s economic policies ahead […] No going back on fuel subsidy removal – Nigerian Govt insists amid hardship
No Return to Fuel Subsidy, Multiple Exchange Rates, Oyedele Insists
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, on Saturday said there will be no reversal of the government’s policies on fuel subsidy removal and foreign exchange market liberalisation. Mr Oyedele spoke in response to concerns raised in the wake of the debates over subsidy policies ahead of the 2027 elections. […]
Nigeria rules out return to fuel subsidy and multiple exchange rates
By Emmanuella Opara| October 17th 2026 KEY POINTS MAIN STORY The Federal Government has ruled out restoring fuel subsidies and multiple exchange rates, reaffirming its commitment to economic reforms as it seeks to attract investment, accelerate growth and create jobs. The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, stated this at […] Continue reading %%POSTNAME%% at %%BLOGNAME%%.
The Whistler Nigeria
Freedom OnlineFG Rules Out Return To Fuel Subsidy, Multiple Exchange Rates
The Federal Government has ruled out restoring fuel subsidy and multiple exchange rates, reaffirming its commitment to economic reforms in spite of concerns from international investors and development partners. The Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, said this at a news briefing following Nigeria’s participation in the IMF/ World […] FG Rules Out Return To Fuel Subsidy, Multiple Exchange Rates is firs…
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