The Federal Government has ruled out the possibility of reinstating fuel subsidy or multiple exchange rates, insisting that it will not reverse the economic reforms introduced by President Bola Tinubu.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, stated this on Saturday while responding to concerns about the government’s economic policies ahead of the 2027 general elections.
He spoke on the sidelines of the World Bank and International Monetary Fund meetings in Bangkok, Thailand.
Oyedele said the government remained committed to keeping fuel subsidy removed and maintaining a liberalised foreign exchange market.
He noted that questions about a possible reversal of the reforms frequently arose during engagements with rating agencies, investors and multilateral institutions.
The minister, however, stressed that there were no plans to return to fuel subsidy or multiple exchange rates.
“And let me be clear as well, this was a recurring question almost through all our engagements, but also with the rating agencies, with the investors, and the multilateral institutions. Every time they ask, are you reversing your plans? Are you bringing back subsidies? Let me be clear, there will be no return to fuel subsidies or multiple exchange rates,” Oyedele said.
The clarification comes amid renewed political debate over the removal of petrol subsidy, with opposition leaders proposing alternative measures to ease the economic hardship facing Nigerians ahead of the 2027 elections.
Former Vice-President Atiku Abubakar of the African Democratic Congress (ADC) and Peter Obi of the Nigeria Democratic Congress (NDC) have both criticised the government’s economic policies and called for measures to address the rising cost of living.
