Nigeria’s Minister of Finance, Taiwo Oyedele, has firmly ruled out any return to fuel subsidy, stating that such a policy would only h@rm the nation’s economy.
Speaking on the government’s economic direction, Oyedele emphasized that reinstating subsidies is not under consideration, noting that the long-standing policy had proven unsustainable.
“We will not bring back subsidy because it creates d+struction for the economy,” he said. He further clarified that the government is also not considering price controls, stressing a commitment to free-market principles.
“And we won’t introduce price control because we believe in the market,” Oyedele added, signaling a continued push toward deregulation and market-driven pricing.
Addressing global developments, the minister pointed to emerging opportunities tied to tensions in the Middle East, particularly involving Iran.
According to him, the shifting dynamics in global energy supply could benefit Nigeria. “The situation in Iran presents new opportunities for us as the world looks to diversify sources of energy and invest in new markets,” he noted.