We Will Not Bring Back subsidy – Minister of Finance, Taiwo Oyedele

Nigeria’s Minister of Finance, Taiwo Oyedele, has ruled out any possibility of reinstating fuel subsidies, warning that a return to the policy would undermine the country’s economic stability.

Speaking on the government’s fiscal direction, Oyedele said the era of subsidies—long criticised for draining public finances and distorting the market—was firmly over. He stressed that the administration is focused on sustainable economic reforms rather than short-term relief measures that could prove costly in the long run.

“We will not bring back subsidy because it creates destruction for the economy,” he said, underscoring the government’s stance.

The minister also dismissed the idea of introducing price controls, reiterating a commitment to market-driven policies. According to him, allowing prices to reflect market realities is essential for attracting investment and ensuring efficiency within the sector.

“And we won’t introduce price control because we believe in the market,” Oyedele added, signalling the government’s continued push towards deregulation.

While acknowledging the challenges facing Nigerians amid rising living costs, Oyedele suggested that broader global developments could present opportunities for the country. He pointed to ongoing tensions in the Middle East, particularly involving Iran, as a factor reshaping global energy dynamics.

“The situation in Iran presents new opportunities for us as the world looks to diversify sources of energy and invest in new markets,” he noted.

His remarks come at a time when many households and businesses are grappling with the impact of higher fuel prices, even as the government insists that long-term economic stability depends on maintaining its reform agenda.