FG Confirms No Return of Fuel Subsidy, Pledges Market-Driven Pricing

Finance Minister Taiwo Oyedele has stated that the Federal Government will not reinstate the fuel subsidy. He spoke to reporters in Paris after President Bola Tinubu’s meeting with French business leaders on May 5. Oyedele argued that subsidies distort the economy and insisted price controls remain off the table. He added that the government plans to ensure responsible regulation to prevent any supplier or trader from exploiting Nigerians. Citing recent energy tensions in Iran, he said Nigeria can seize new opportunities as the world seeks diversified energy sources. Since his inauguration on May 29, President Tinubu has maintained that the fuel subsidy regime is permanently scrapped.

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