The Federal Government has reaffirmed that it will not reinstate fuel subsidies or introduce price controls, stressing its commitment to market-driven economic reforms. Speaking in Paris on Tuesday, Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said subsidy regimes distort the economy and will not be brought back under the current policy direction.
Oyedele added that while Nigeria remains committed to market pricing, regulation will still play a role in preventing exploitation across the supply chain. “We will not bring back subsidies because they create distortions in the economy, and we will not introduce price controls because we believe in markets while ensuring that regulation is responsible so that no supplier, trader, or manufacturer takes advantage of the Nigerian people,” he said.
The statement comes amid renewed debate over fuel pricing following rising global crude costs and inflationary pressures at home. The government has maintained that the 2023 removal of fuel subsidies was a necessary correction to years of fiscal distortion, even as it continues to push for domestic refining and targeted social protection to cushion the impact on citizens.
