Nigeria's Finance Minister Rejects Fuel Subsidy Return

The Federal Government of Nigeria has ruled out the restoration of fuel subsidies and multiple exchange rates, reaffirming its commitment to economic reforms. Finance Minister and Coordinating Minister of the Economy, Taiwo Oyedele, made this statement during a news briefing following Nigeria's participation in the IMF/World Bank Group Annual Meetings in Bangkok, Thailand.

Oyedele clarified that the 30-day retail margin discount on petrol introduced by the Nigerian National Petroleum Company Limited (NNPC) was a commercial decision aimed at reducing margins and supporting Nigerians, not a subsidy. He reported that Nigeria's economy grew by 4.4% in the second quarter of 2026, with inflation declining for four consecutive months.

The government aims to convert these improvements into increased investment and job opportunities. Oyedele also mentioned that the World Bank Group supports Nigeria's power and infrastructure sectors but cautioned against interpreting this as immediate funding.

He advocated for reforms in the global financial system and emphasized the importance of natural gas as Nigeria's transition fuel.