Bagudu Confirms No Return to Fuel Subsidies Amid Reforms

On October 27, 2026, during the 32nd Nigerian Economic Summit in Abuja, Senator Abubakar Bagudu, the Minister of Budget and Economic Planning, announced that the federal government will not reinstate fuel subsidies. He emphasized the commitment to sustaining the economic reforms initiated by President Bola Tinubu's administration, despite pressures from households and businesses.

Bagudu stated that returning to subsidies would reverse the progress made and harm economic stability. He highlighted that the administration is focused on investments in agriculture, manufacturing, infrastructure, digital technology, and human capital to foster inclusive growth.

The minister acknowledged the differing opinions on the reforms but stressed the importance of continuity and necessary policy adjustments to address economic challenges. He also noted improvements in macroeconomic indicators and increased revenue for government levels, which could enhance infrastructure and public services.