Nigeria Rules Out Fuel Subsidy Return, Sticks to Market-Driven Petrol Prices

Finance Minister Taiwo Oyedele told global investors in Paris that Nigeria will not reintroduce fuel subsidies. He argued past subsidies created economic distortions and said petrol pricing must follow market forces. Since the subsidy was scrapped in May 2023, headline inflation jumped from 22.4% to 34.2% by June 2024, fueled by higher costs for fuel, food and transport. Food inflation topped 39% by October, and transport fares nearly tripled after currency devaluation. President Bola Tinubu credited subsidy removal for stabilising foreign exchange and pledged that ongoing reforms will eliminate economic distortions, strengthen transparency in the oil sector and support long-term growth. The government will publish quarterly financial reports and uphold fiscal discipline. Investors from Citibank, Amundi, BlueCrest, PGIM and others learned that Nigeria achieved 11.2% GDP growth in dollar terms in 2025 and aims for a $1 trillion economy by 2030. The Debt Management Office assured prudent debt management and sustainable borrowing.

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