Nigeria's Minister Oyedele Confirms No Return to Fuel Subsidy

On October 17, 2026, the Federal Government of Nigeria, through the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, announced that it will not restore fuel subsidies or multiple exchange rates. This statement was made during the World Bank and International Monetary Fund meetings in Bangkok, Thailand.

Oyedele emphasized that President Bola Tinubu's economic reforms are irreversible, despite concerns regarding the rising cost of living. He noted that the issue of reversing reforms has been raised in discussions with rating agencies, investors, and multilateral institutions, but reiterated that there are no plans to revert to the previous subsidy regime.

The removal of petrol subsidies and the liberalization of the foreign exchange market are key reforms under the Tinubu administration. Opposition figures, including former Vice-President Atiku Abubakar and Peter Obi, have criticized these policies and called for alternative measures to alleviate economic burdens on citizens.

The debate over fuel subsidy removal is expected to be significant in the lead-up to the 2027 general elections.