No going back on fuel subsidy removal – Nigerian Govt insists amid hardship
Finance Minister Taiwo Oyedele addressed concerns regarding the Nigerian government’s economic policies on Saturday during the World Bank and International Monetary Fund meetings in Bangkok, Thailand. His comments come in response to questions surrounding the government’s approach as the 2027 general elections approach.
Oyedele reaffirmed the government’s commitment to maintaining the removal of fuel subsidies and keeping the foreign exchange market liberalized. He noted that these issues frequently arise in discussions with rating agencies, investors, and multilateral organizations.
“In our engagements, there has been a persistent inquiry about potential reversals of our plans. Every time, the question arises: will there be a reinstatement of subsidies or multiple exchange rates? I want to be unequivocal: there will be no return to fuel subsidies or multiple exchange rates,” Oyedele stated.
The minister’s remarks come amid renewed political debate surrounding the removal of the petrol subsidy, with opposition leaders proposing alternative measures to alleviate the economic burdens faced by Nigerians as the 2027 elections draw nearer. Former Vice President Atiku Abubakar of the African Democratic Congress and Peter Obi of the Nigeria Democratic Congress have both criticized the current government’s economic strategies and advocated for solutions to address the rising cost of living.
