We will not bring back fuel subsidy – FG

The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has reiterated the Federal government’s position of not reinstating the fuel subsidy.

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Oyedele reaffirmed the Federal government’s position while speaking to newsmen after President Tinubu and the Nigerians delegation had a meeting with some French businessmen in Paris, today May 5.

‘’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…while we ensure that regulation is responsible so that there is no supplier, trader, manufacturer taking advantage of the Nigerian people. We see also the issues going on in Iran. While that is un fortunate, we think it presents new opportunities for us  as the world looks to diversify sources of energy and invest in new market”

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President Tinubu on his inauguration day as President on May 29, 2023, announced that the fuel subsidy regime is gone and never to return. Following the global increase in petrol linked to the escalating Middle East crisis involving the United States, Iran and Israel, there have been calls on the Federal government to reintroduce the subsidy regime so as to cushion the effect of the rising price of petrol.

Watch a video of the Minister speaking below