The Federal Government has ruled out restoring petrol subsidy or reintroducing multiple exchange rates, insisting that President Bola Tinubu’s economic reforms will remain in place despite growing concerns over the cost of living.
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The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, stated this on Saturday while addressing questions about the government’s economic policies ahead of the 2027 general elections.
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Oyedele spoke on the sidelines of the World Bank and International Monetary Fund meetings in Bangkok, Thailand.
He said the administration remained committed to maintaining the removal of petrol subsidy and the liberalisation of the foreign exchange market.
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According to the minister, the possibility of reversing the policies has repeatedly been raised during engagements with credit rating agencies, investors and international financial institutions.
He stressed that the government had no plans to restore fuel subsidies or return to a system of multiple exchange rates.
The statement comes amid renewed political debate over petrol prices and the rising cost of living, with opposition figures calling for alternative measures to ease the economic pressure on Nigerians.
Former Vice-President Atiku Abubakar of the African Democratic Congress and Peter Obi of the Nigeria Democratic Congress have criticised the government’s economic policies and called for action to address the cost-of-living crisis ahead of the 2027 elections.
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