Wale Edun Rejects Fuel Subsidy Amid Rising Petrol Prices

Wale Edun, Nigeria's Minister of Finance and Coordinator of the Ministry of Economy, stated during a media briefing on April 14, 2026, that there are no plans to reintroduce fuel subsidies to cushion the rising costs of petrol, which have been exacerbated by conflicts in the Middle East. Edun's comments came during the launch of the April 2026 Global Financial Stability Report by the International Monetary Fund (IMF), where he assumed chairmanship of the Intergovernmental Group of 24 on November 1, 2025.

He highlighted that rather than reversing reforms, the focus should be on building resilience and deploying existing buffers to support vulnerable populations. Edun firmly ruled out a return to fuel subsidies, noting that the 2023 reforms by President Bola Tinubu, which included the removal of fuel subsidies and the liberalization of the foreign exchange market, have received praise from international financial institutions, including the IMF.

He warned that rolling back these reforms would not achieve the intended economic stabilization.