Fuel subsidy not coming back, price controls ruled out, says Finance Minister Oyedele
By Aboki Forex —
Nigeria will not return to fuel subsidies or introduce price controls. The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, made this clear after a meeting with global investors in Paris, France.
Mr Oyedele spoke after President Bola Tinubu attended the investor meeting. Senior government officials engaged global financiers and presented Nigeria’s reform agenda and economic outlook.
According to Mr Oyedele, the engagement allowed the government to review ongoing reforms, assess progress, and outline next steps for strengthening the economy.
“We were able to give an overview of the progress we are making, the next areas of focus to deepen the reforms and translate them into results,” he said.
He added that the discussions also let officials respond to investors’ questions and gauge their reactions to Nigeria’s reform agenda.
No return to subsidy
Mr Oyedele said the government remains firm on its decision not to reintroduce subsidies. He cited their long-term impact on economic stability.
“We will not bring back subsidies because they create distortions for the economy,” he noted.
He also ruled out introducing price controls. The government’s approach is to allow market forces to operate while maintaining effective regulation.
“We will not introduce price controls because we believe in markets, while ensuring that regulation is responsible so that no supplier, trader or manufacturer takes advantage of Nigerians,” he added.
Investor engagement, reform outlook
At the meeting, Mr Oyedele highlighted Nigeria’s economic performance. He noted that the country recorded about 11.2 per cent GDP growth in dollar terms in 2025. This reinforces its ambition to build a $1 trillion economy by 2030.
He said the government’s immediate priority is to ensure that ongoing reforms translate into tangible benefits for citizens. Authorities plan to publish quarterly financial data to improve transparency.
President Tinubu told investors that his administration’s reform programme focuses on removing structural distortions, stabilising macroeconomic indicators, and laying the foundation for inclusive growth.
“The focus remains on policy stability and diligent execution to ensure these strategic shifts translate into concrete benefits for all Nigerians,” the president said.
The Director-General of the Debt Management Office, Patience Oniha, also assured investors of the government’s commitment to responsible borrowing and sustainable debt management.
Participants at the meeting included major global investment firms such as Citibank and Amundi, as well as other institutional investors. Many expressed confidence in Nigeria’s reform trajectory.
Reform focus, global outlook
Mr Oyedele said the government is focused on mobilising revenue and investing in key sectors to address structural challenges, particularly those affecting supply and inflation.
He also noted that global developments, including tensions involving Iran, could create both risks and opportunities for Nigeria’s economy.
“While that is unfortunate, it presents new opportunities for us to diversify energy sources, invest in new markets and ensure Nigeria gets optimal outcomes from the current price regime,” he said.
Mr Oyedele highlighted that increased revenue from favourable market conditions could be deployed to support economic stability and growth. He noted that investor sentiment remains broadly positive about Nigeria’s economic direction.