The Federal Government has ruled out the possibility of restoring fuel subsidies or reintroducing multiple exchange rates, insisting that President Bola Tinubu’s economic reforms will not be reversed.
Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, stated this on Saturday while addressing concerns about the government’s economic policies ahead of the 2027 general elections.
Oyedele spoke on the sidelines of the World Bank and International Monetary Fund (IMF) meetings in Bangkok, Thailand, where he said the government remained committed to maintaining the reforms.
According to the minister, the possibility of reversing the policies has repeatedly been raised during engagements with credit rating agencies, investors and multilateral institutions.
He, however, maintained that the administration had no plans to restore fuel subsidies or abandon the liberalisation of the foreign exchange market.
“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 government’s position comes amid renewed political debate over the removal of petrol subsidies, which has contributed to increased living costs for many Nigerians.
The policy, introduced by Tinubu shortly after he assumed office in May 2023, ended the longstanding government support that had kept petrol prices artificially low. The administration also moved to liberalise the foreign exchange market as part of efforts to reform the economy.
However, the reforms have attracted criticism from opposition politicians and other stakeholders over their effects on transportation costs, food prices and household purchasing power.
Former Vice-President Atiku Abubakar of the African Democratic Congress (ADC) and Peter Obi of the Nigeria Democratic Congress (NDC) have criticised aspects of the administration’s economic policies and called for measures to ease the cost-of-living crisis.
With the 2027 general elections approaching, the government’s insistence on maintaining the reforms is expected to remain a major issue in political discussions, particularly as Nigerians continue to grapple with economic pressures.
Oyedele’s statement reinforces the administration’s position that it will continue with its current economic direction rather than return to fuel subsidies or multiple exchange rates.
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