Finance Minister doubles down on tough reforms despite surging inflation and public pressure
In a firm and controversial stance, Nigeria’s Finance Minister, Taiwo Oyedele, has declared that the Federal Government will not reinstate fuel subsidy, despite mounting economic pressure on citizens.
Speaking during a high-level investor meeting in Paris alongside President Bola Tinubu, Oyedele dismissed calls for subsidy return, describing it as a system that created “economic distortions” and weakened the nation’s fiscal structure.
The declaration comes at a time when millions of Nigerians are grappling with skyrocketing living costs. Since the removal of subsidy in 2023, inflation has surged dramatically, with food and transport prices hitting record highs and pushing many households to the brink.
Oyedele, however, maintained that the government is committed to a market-driven pricing system, insisting that price control mechanisms will also not be introduced. According to him, deregulation remains key to long-term economic stability and investor confidence.
President Tinubu also reinforced the position, telling global investors that subsidy removal has helped stabilize Nigeria’s foreign exchange system, a move he described as critical to economic recovery.
The development has sparked mixed reactions across the country. While economic experts argue that subsidy removal is necessary for fiscal discipline, many Nigerians say the policy has worsened hardship without immediate relief measures.