The Minister of Finance and Coordinating Minister of
the Economy, Taiwo Oyedele, has restated the Federal Government’s firm stance
that the fuel subsidy will not be reinstated, despite growing public concerns
over rising fuel prices.
Speaking to journalists after a meeting between
President Bola Tinubu and Nigerian officials with French business leaders in
Paris on May 5, Oyedele said the government remains committed to its economic
reform policy.
He emphasized that reinstating fuel subsidy would be
harmful to the economy, while also rejecting the idea of price control.
According to him, Nigeria will continue to operate a market-driven system, with
regulatory oversight to prevent exploitation by suppliers, traders, and
manufacturers.
Oyedele added that while global geopolitical tensions,
including conflicts involving Iran, the United States, and Israel, have
affected oil prices, they also present new opportunities for Nigeria to attract
investment and diversify its energy sector.
He noted that the administration’s focus is on
ensuring responsible regulation rather than reversing reforms already
introduced.
President Bola Tinubu had announced on his
inauguration day, May 29, 2023, that the fuel subsidy regime was “gone
permanently,” marking a major shift in Nigeria’s economic policy.
However, recent increases in global petrol prices have
renewed public debate, with some calling for a return of subsidies to ease the
burden on citizens. The government, however, maintains that the policy change
is irreversible and necessary for long-term economic stability.
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