Nigeria’s Finance Minister has reaffirmed the government’s rejection of any return to fuel subsidies, using a state visit to Paris to stress that market-based energy pricing remains non-negotiable even as the global oil supply squeeze intensifies pressure on Nigerian consumers.
Taiwo Oyedele, Minister of Finance and Coordinating Minister of the Economy, made the remarks on Tuesday, May 5, 2026, during press interactions on the sidelines of a meeting between President Bola Tinubu and a group of global institutional investors in Paris, part of a three-nation working visit. According to reports citing the minister, the government would not reverse the subsidy removal regardless of the rising domestic cost of petrol. “We will not bring back subsidy because it creates destruction for the economy, and we won’t introduce price control because we believe in the market,” he was quoted as saying, adding that the government would ensure regulation prevents suppliers, traders, and manufacturers from exploiting consumers.
Oyedele also commented on the ongoing conflict involving the United States, Iran, and Israel, which has effectively closed the Strait of Hormuz and sent global fuel prices sharply higher. “We see the issues going on in Iran. While that is unfortunate, we think it presents new opportunities for us as the world looks to diversify sources of energy and invest in new markets,” he said.
At the formal investor meeting, Oyedele highlighted that Nigeria recorded 11.2 percent Gross Domestic Product (GDP) growth in dollar terms in 2025, describing the figure as a foundation for the country’s ambition to achieve a one trillion dollar economy by 2030. He also pledged to begin publishing quarterly financial data. Director General of the Debt Management Office (DMO), Patience Oniha, assured investors of the government’s responsible approach to debt financing.
The investors present included representatives of Citibank, France’s Amundi led by Valerie Baudson, BlueCrest, Britain and South Africa-based Ninety One, Kirkoswald Capital, Principal Finisterre, and United States-based firms Prudential Global Investment Management (PGIM) and Mesarete Capital. President Tinubu told the gathering that his administration’s reforms were centred on removing economic distortions and stabilising macroeconomic indicators. “The focus remains on policy stability and diligent execution to ensure these strategic shifts translate into concrete benefits for all Nigerians,” he said.
The reassertion of the no-subsidy position comes amid growing public pressure to cushion the effect of rising petrol prices linked to the Middle East crisis. Nigeria’s fuel subsidy was removed by President Tinubu on his inauguration day, May 29, 2023, with the president declaring it “gone.” Analysts have estimated that reinstating the subsidy would have consumed an estimated N52 trillion in 2026 alone, a figure the government has cited as central to its case against reversal.
