Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has ruled out the return of fuel subsidy despite rising petroleum prices linked to tensions in the Middle East.
Oyedele made the declaration on Tuesday while accompanying President Bola Tinubu to a meeting with global investors in Paris.
According to the minister, the Federal Government also has no plans to impose price controls on petroleum products, maintaining that market-driven policies remain central to the administration’s economic reforms.
“We will not bring back fuel subsidy because it creates distortions for the economy, and we won’t introduce price control because we believe in the market,” Oyedele said.
His remarks come amid growing calls from some Nigerians for the reintroduction of subsidy following the spike in fuel prices triggered by ongoing tensions involving the United States, Israel, and Iran.
Oyedele said the geopolitical crisis in the Middle East could also present economic opportunities for Nigeria, as countries search for alternative energy sources and new investment destinations.
Highlighting the administration’s economic performance, the minister stated that Nigeria recorded an 11.2 per cent GDP growth rate in US dollar terms in 2025. He added that the government remains committed to building a $1 trillion economy by 2030 while ensuring reforms deliver tangible benefits to citizens.
To improve transparency and accountability, Oyedele pledged that the government would begin quarterly publication of financial data.
Speaking at the investors’ meeting, President Tinubu said his administration’s reforms are focused on achieving macroeconomic stability and inclusive economic growth.
According to the President, the government is working to eliminate economic distortions and strengthen policy credibility through consistent implementation.
“The focus remains on policy stability and diligent execution to ensure these strategic shifts translate into concrete benefits for all Nigerians,” Tinubu said.
He also reaffirmed his administration’s commitment to transparency in the oil sector and outlined ongoing efforts to strengthen national security, including decentralised policing and measures aimed at tackling terrorist financing.
The Presidency said the meeting was attended by several international investors, including representatives of Citibank, Amundi, BlueCrest, Ninety One, Kirkoswald Capital, Principal Finisterre, Prudential Global Investment Management, and Mesarete Capital.
Some of the investors reportedly commended the administration’s reforms and expressed confidence in Nigeria’s economic outlook.
