Nigeria's Finance Minister Confirms No Return of Fuel Subsidy

Wale Oyedele, the Minister of Finance, speaking in Paris, stated that the Nigerian government will not reintroduce fuel subsidies, which he believes create economic distortions. This statement comes amid rising inflation, with Nigeria's headline inflation reaching 22.41% in May 2023 and food inflation exceeding 39% in October 2024.

President Bola Ahmed Tinubu's administration, which removed fuel subsidies in May 2023, is committed to deepening reforms and improving transparency in the oil value chain. Oyedele noted that the government aims to stabilize the foreign exchange market and has implemented a multi-pronged security strategy to disrupt terrorist financing.

The administration is focused on achieving a gross domestic product growth of 11.2% in dollar terms by 2025 and aims to position Nigeria as a $1 trillion economy by 2030. The government plans to publish quarterly financial data to enhance transparency and investor confidence.