Taiwo Oyedele, Minister of Finance and coordinating minister of the economy, says the federal government will not reintroduce fuel subsidy, insisting that the policy distorted Nigeria’s economy.
Oyedele spoke in Paris during an investment meeting with international investors held as part of Bola Ahmed Tinubu’s visit to France.
According to him, the Tinubu administration remains committed to market-driven reforms and would also not impose price controls.
“For example, we will not bring back subsidy because it creates a distortion for the economy,” he said.
“And we will not introduce price control because we believe in markets while at the same time ensuring that regulation is responsible so that there’s no supplier, trader, manufacturer taking advantage of Nigerian people.”
Oyedele also referenced tensions in Iran, saying the global energy uncertainty could create opportunities for Nigeria as countries seek alternative energy sources and investment destinations.
“We see also the issues going on in Iran. While that is unfortunate, we think it presents new opportunities for us as the world looks to diversify sources of energy and investing in new markets,” he said.
He added that Nigeria hopes to maximise gains from the current price environment to boost government revenue and address inflationary pressures.
“We are able to get the optimal outcome from the price regime to be able to mobilise more revenue and spend that productively to address supply side and also ensure that we manage inflation as much as possible,” he said.
“So we’re all excited about this.”
