The Federal Government has ruled out any plan to return fuel subsidy, saying it will rely on market forces to drive the economy.
Speaking during an engagement with global investors in Paris, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said subsidy and price controls would not be reconsidered.
He said, “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.”
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Oyedele explained
that the government’s focus is to build a stable and open economy that can attract both local and foreign investment.
He also pointed to changing global conditions as a chance for Nigeria to grow its energy sector.
Referring to tensions in the Middle East, he said, “The situation in Iran presents new opportunities for us as the world looks to diversify sources of energy and invest in new markets.”
The minister added that recent economic figures show signs of progress. According to him, “Nigeria recorded a strong GDP growth rate of 11.2% in US dollar terms in 2025,” a development he said supports the country’s long-term goal.
He noted that the government remains committed to its target of building a $1 trillion economy by 2030, stressing that policy consistency will play a key role in achieving that aim.
The meeting in Paris formed part of efforts to present Nigeria as a viable destination for global capital, especially at a time when investors are seeking new markets.
With subsidy ruled out and market reforms in focus, the government appears set to continue its current economic direction despite ongoing public debate over fuel pricing and cost of living.
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