No going back on fuel subsidy removal – Nigerian Govt insists amid hardship

Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said this in a statement on Saturday while responding to concerns over the government’s economic policies ahead of the 2027 general elections.

He spoke on the sidelines of the World Bank and IMF meetings in Bangkok, Thailand.

Oyedele said the government is committed to keeping fuel subsidy removed and the foreign exchange market liberalised, adding that questions about a possible reversal often come up in meetings with rating agencies, investors and multilateral institutions.

“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,” the minister said.

The clarification comes at a time when petrol subsidy removal has again become a major political debate, with opposition leaders proposing other options to ease the hardship on Nigerians ahead of the 2027 polls.

Former Vice-President Atiku Abubakar of the African Democratic Congress, ADC, and Peter Obi of the Nigeria Democratic Congress, NDC, have both faulted the government’s economic policies and called for measures to reduce the cost-of-living crisis.