The Federal Government has ruled out any plan to reintroduce fuel subsidies or return to multiple foreign exchange rates, insisting that President Bola Tinubu’s economic reforms will remain in place despite growing political debate ahead of the 2027 general elections.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, disclosed this on Saturday while addressing concerns about the government’s economic direction on the sidelines of the World Bank and International Monetary Fund meetings in Bangkok, Thailand.
Oyedele said the administration remained committed to sustaining the removal of petrol subsidies and maintaining a liberalised foreign exchange market, dismissing suggestions that the government might reverse the policies.
According to him, the possibility of a policy reversal has repeatedly featured in discussions with international financial institutions, investors and credit rating agencies.
He said the government had consistently assured these stakeholders that it would not return to fuel subsidies or multiple exchange rates.
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“Let me be clear as well, this was a recurring question almost through all our engagements, but also with the rating agencies, with the investors, and the multilateral institutions,” Oyedele said.
He added that the government had no intention of reversing its position on the two policies.
The minister’s statement comes amid renewed political debate over the economic impact of fuel subsidy removal, particularly as Nigerians continue to grapple with the rising cost of living.
Opposition figures have criticised the administration’s economic policies and called for alternative measures to ease the financial pressure on households and businesses ahead of the 2027 elections.
Former Vice-President Atiku Abubakar of the African Democratic Congress (ADC) and Peter Obi of the Nigeria Democratic Congress (NDC) are among the opposition leaders who have faulted the government’s approach and advocated measures to address the cost-of-living crisis.
The Federal Government’s latest position signals its determination to maintain the current economic reform framework, even as the policies remain a major point of contention in the country’s political and economic debate.
Credit DailyPost