FG’ll not bring back subsidies, nor introduce price controls – Taiwo Oyedele

Nigeria’s Coordinating Minister of the Economy and Minister of Finance, Taiwo Oyedele, has said the federal government will not reintroduce subsidies or impose price controls, reaffirming its commitment to market-driven economic reforms.

Speaking at an event in Paris after an engagement with global investors on Tuesday, Oyedele stressed that the government’s priority is to avoid policies that distort the economy and to strengthen regulation to protect citizens.

“We will not bring back subsidies, and we will not introduce price controls because we believe in markets. “At the same time, we will ensure that regulation is responsible so that no supplier, trader, or manufacturer takes advantage of the Nigerian people,” he assured.

He explained that the administration is focused on building a system where market forces determine prices, but within a framework that prevents abuse and promotes fairness.

He also referenced global developments, noting that challenges in Iran present both risks and opportunities for Nigeria, particularly in the energy sector.

“We see all the issues happening in Iran. While that is unfortunate, we also see opportunities as the world looks to diversify into new energies and invest in new markets,” he said.

According to him, Nigeria is positioning itself to benefit from shifting global dynamics by maximizing gains from current price regimes and channeling revenues into productive use.

“We will be able to mobilise revenue and spend that productively to increase supply, manage inflation, and ensure better outcomes for the economy,” Oyedele added.

The minister expressed optimism about the country’s economic direction, despite ongoing challenges.

“Overall, we are excited. Better days are ahead for Nigeria,” he said.

The government’s stance comes amid continued debate over the impact of subsidy removal and rising living costs, with officials maintaining that long-term gains will outweigh short-term pressures.