Nigeria's Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has reiterated the Federal Government's firm stance against reinstating the fuel subsidy. He made this declaration while addressing journalists in Paris on May 5, following a meeting between President Bola Tinubu, the Nigerian delegation, and French business leaders.
No Return to Subsidy Regime
Oyedele emphasized that the government will not bring back the subsidy because it creates destruction for the economy. He stated, "We will not bring back subsidy because it creates destruction for the economy, and we won't introduce price control because we believe in the market…while we ensure that regulation is responsible so that there is no supplier, trader, manufacturer taking advantage of the Nigerian people."
New Opportunities Amid Global Crisis
Commenting on the ongoing crisis in Iran, Oyedele noted that while the situation is unfortunate, it presents new opportunities for Nigeria as the world seeks to diversify energy sources and invest in new markets.
Background on Subsidy Removal
President Tinubu, during his inauguration on May 29, 2023, announced the end of the fuel subsidy regime, declaring it gone forever. However, following the global increase in petrol prices linked to the escalating Middle East crisis involving the United States, Iran, and Israel, there have been calls for the government to reintroduce the subsidy to cushion the impact on citizens.
The minister's remarks reaffirm the administration's commitment to market-driven policies and responsible regulation to protect Nigerians from exploitation.
