OYEDELE RULES OUT FUEL SUBSIDY RESTORATION AND MULTIPLE EXCHANGE RATES AMID ECONOMIC DEBATE

By NaijaParrot October 17, 2026 

 ABUJA, NIGERIA — Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has insisted that the Federal Government will not restore petrol subsidies or return to a multiple exchange-rate system, maintaining that the administration’s economic reforms will remain in place. Oyedele made the declaration on Saturday on the sidelines of the World Bank and International Monetary Fund (IMF) meetings in Bangkok, Thailand, amid renewed debate over fuel prices and economic policies ahead of the 2027 general elections.

The minister said questions about a possible reversal of the government’s policies had repeatedly come up during engagements with investors, credit-rating agencies and international financial institutions. He maintained that the administration would not return to fuel subsidies or multiple exchange rates. The Tinubu administration removed the petrol subsidy in May 2023 and subsequently introduced foreign-exchange reforms intended to allow the naira’s value to respond more closely to market conditions. 

 Oyedele’s latest comments come after the Federal Government announced a 30-day petrol discount arrangement at Nigerian National Petroleum Company (NNPC) retail stations. Under the arrangement, NNPC Retail agreed to forgo its retail profit margin temporarily to reduce the price paid by customers. The minister has argued that the arrangement does not constitute a return to fuel subsidy because the discount is funded through the company’s retail margin rather than direct government payments from public revenue. 

 The government has defended the removal of fuel subsidies and foreign-exchange reforms as necessary measures to address fiscal pressures and improve the management of public resources. However, the policies have also attracted criticism from Nigerians struggling with high petrol prices, transportation costs and the rising cost of living. Some opposition politicians have called for alternative approaches, including proposals to restore forms of fuel subsidy. The government maintains that any proposal to reverse the policy should explain its cost, funding arrangements and likely impact on petrol prices.  

Oyedele’s statement signals the Federal Government’s intention to maintain its current economic policy direction despite public debate over the effects of the reforms. The key challenge remains whether the government can translate its stated fiscal objectives into tangible improvements in household purchasing power, fuel affordability and overall living standards. 

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