Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, says that the Federal Government has ruled out a return to fuel subsidies and the introduction of price control despite rising global oil prices triggered by tensions between the United States and Iran.
Speaking during engagements with global investors in Paris, France where he highlighted Nigeria’s economic outlook and reform trajectory, Oyedele stated that Nigeria would maintain its market-driven approach and that subsidy removal remains irreversible to prevent distortions in the economy.
“We will not bring back the fuel subsidy because it creates distortions for the economy, and we won’t introduce price control because we believe in the market,” the statement by the ministry quoted Oyedele as saying.
It will be recalled that President Bola Tinubu on assumption in office in 2023 announced the removal of petrol subsidy and the price of petrol was raised from about N200 per litre and the price has been on an upward swing, hitting N1,300 per litre in 2026.
GIK/APA