By Fredrick Ameh
The Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele has reaffirmed the Federal government’s commitment to market-driven reforms, explicitly ruling out a return to fuel subsidies or the introduction of price controls, despite prevailing inflationary pressures.
Speaking in Paris following President Bola Tinubu’s high-level engagement with global investors, the Minister noted that the administration is now focused on deepening reforms and translating them into tangible results for Nigerians.
The Minister was categorical regarding the administration’s stance on fiscal distortors, labeling subsidies a proven path to economic destruction.
He noted that the government has held direct consultations with the President to ensure that the era of artificial pricing remains a thing of the past.
“We will not bring back fuel subsidy because it creates distortions for the economy, and we won’t introduce price control because we believe in the market,” Oyedele stated.
He clarified, however, that the government remains vigilant against consumer exploitation by manufacturers and suppliers.
Highlighting a unique window for national growth, the Minister noted that ongoing geopolitical tensions in Iran have prompted the global community to seek more reliable energy partners.
Nigeria, he argued, is perfectly positioned to fill that gap.
“The situation in Iran presents new opportunities for us as the world looks to diversify sources of energy and invest in new markets,” Oyedele remarked, adding that the government intends to capitalize on this market shift to generate revenue for productive spending and inflation management.
The Minister’s briefing comes on the heels of impressive economic data showing that Nigeria recorded a 11.2% GDP growth rate in US dollar terms in 2025.
This robust performance reinforces the administration’s ambitious target of achieving a $1 trillion economy by 2030.