₦airaland Forum

Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has reiterated that the Presidency will not reintroduce fuel subsidy, despite widespread concerns over the rising cost of living following its removal.

He made this known on Tuesday in Paris, France, during a meeting between President Bola Tinubu and global investors.

Oyedele maintained that subsidies previously caused economic “distortions,” adding that petrol pricing would not be regulated, as the government has confidence in market forces to determine prices.

After the subsidy was scrapped in May 2023, Nigeria experienced a sharp spike in inflation, reaching its highest level in 19 years.

Headline inflation increased from 22.41% in May 2023 to 34.19% by June 2024, driven largely by rising fuel, food, and transportation costs, which worsened living conditions nationwide

Inflation continued to climb steadily after the June 2023 policy shift, with food inflation exceeding 39% by October 2024.

The policy change, alongside currency devaluation, pushed transportation costs up by nearly 300% and deepened poverty levels.

“We will not bring back fuel subsidy because it creates distortions for the economy, and we won’t introduce price control because we believe in the market… the situation in Iran presents new opportunities for us as the world looks to diversify sources of energy and invest in new markets”, the Minister said.

Earlier, President Tinubu told the investors that Nigeria has achieved improved foreign exchange stability following the removal of the “burden” of fuel subsidy, according to a statement by his Special Assistant on Social Media, Dada Olusegun.

[b]“Subsidy that was a burden to the entire country, was removed and ever since we have achieved FX stability”, [/b]Tinubu told the investors.

In a follow-up statement, his Adviser on Information and Strategy, Bayo Onanuga, noted that the administration’s reform agenda focuses on eliminating economic distortions and strengthening macroeconomic stability to support long-term inclusive growth.

He stated the government’s commitment to transparency and fiscal discipline, explaining that these guided the swift rollout of key reforms.

At the meeting, Tinubu reaffirmed his administration’s dedication to sustaining reform efforts.

Oyedele also pointed to strong economic performance, stating that Nigeria recorded 11.2% GDP growth in dollar terms in 2025, reinforcing its goal of building a $1 trillion economy by 2030.

He added that the government’s immediate focus is to ensure that reform policies translate into tangible benefits for citizens, while also promising the regular publication of quarterly financial reports.

The Director-General of the Debt Management Office, Patience Oniha, assured investors of prudent debt management and a commitment to sustainable borrowing practices.

The investor group included representatives from Citibank, France’s Amundi led by Valerie Baudson, BlueCrest, Ninety One from the UK and South Africa, Kirkoswald Capital, Principal Finisterre, as well as US firms Prudential Global Investment Management (PGIM) and Mesarete Capital.

President Tinubu, who departed Nigeria on Sunday for a three-nation trip, reiterated that his administration’s economic reforms are designed to stabilise key indicators and create a foundation for sustained growth.

He added that efforts are ongoing to deepen reforms, improve transparency in the oil sector, and implement a comprehensive security strategy, including decentralising the police and tackling terrorist financing.

“The focus remains on policy stability and diligent execution to ensure these strategic shifts translate into concrete benefits for all Nigerians”, President Tinubu said.

Some investors at the meeting praised the government’s reform agenda and expressed confidence in Nigeria’s economic outlook.

In response to a question about his plans beyond 2027, Tinubu pledged to reinforce fiscal discipline, improve transparency, and maintain consistent policies.

Source: https://dailypost.ng/2026/05/06/nigeria-wont-restore-fuel-subsidy-oyedele

Then Oga tell him to reduce the tax...

Make person no kpai

Very heartless set of humans

See his elongated forehead full of western theoritical economics.
May God remove every single subsidy in your life.

Nigerians should not restore Tinubu

Minister Oyedele,

The poverty in the land is already unbearable. The President and all government appointees, both elected / selected officials are feeding on the flesh of Nigerian masses and drinking the blood of the masses. I strongly believe that you and the entire cabinet members plus the President and all working with him are not among the masses., meanwhile you collect monies forcefully collected from the masses through direct and indirect taxes.

The government ensured downward/ relegated livelihood for the Majority Nigerians, and thereafter, created laws that will make it impossible to scale through when voices are aired in various means.

On day, the Almighty God will bring down the entire government structures and machineries used in inflicting pain and poverty to Nigerian masses

You use the security agencies, the court and the so called law to keep people's head down.

The Almighty God will tier you all apart. That is the only one ( GOD ) I believe can bring you all to justice.

Wey petrol dey enter 1500

Everytime meeting with global investors but nothing to show forth in the country. High cost of living,poor salary,fuel hike everyday, transportation at the mercy of commercial drivers, insecurity na no.1, kidnappings,killings,etc... All what our leaders know is to rush to another man's country to get nice treatment while our government hospitals dilapidate every second of the day.
We must rise up and take back our country come 2027

Nobody wants subsidy back. Check corruption and pecuniary interest of those you're serving in the system. If they want to be businessmen, tell them to quit politics

I personally think Oyedele is overestimating himself and doesn't know that Nigeria operates on a brutal history of the class and ethnic struggle.

If you think you are bolder than Gen. Sani Abacha, IBB and even Buhari, then continue your " fuel subsidy removal" boldness rhetorics.

You remove PMS subsidy, devalue the currency and have also imposed a cost reflective tarriff on the poorest aggregation of people in the world and expect no push back ?

Anyway let's see if PBAT will be re-elected.

Geebabs:
Nigerians should not restore Tinubu

Yes, bring back the same old visionless people who made sure South Korea, Malaysia, Singapore etc all left us behind.
Bring them back, they might even bring back the subsidy to pacify you like a tranquilizer to make you feel like you are actually doing well while less endowed countries are leaving you behind.

the united opposition just need to promised Nigeria returned of subsidy and you go see how Tinubu will lose


removal of subsidy have no impact in average Nigerians lives, so of what use is the removal to us


useless and heartless leaders. thunda fire them all

Hamachi:
Fuel subsidy removal didn’t just increase petrol prices — it quietly rewrote survival in Nigeria. And the darkest part is that many people are still acting like the worst is over when, for many households, the real long-term damage is just beginning.

Parents:
Many parents are now choosing between feeding their children properly and paying school fees. Transportation costs have doubled, food prices keep rising, and salaries remain stagnant. Families that once managed two meals a day are now stretching one pot of soup for days. Some parents are pulling children out of private schools, while others are delaying hospital visits because basic healthcare has become a luxury.

Businesses:
Small businesses are bleeding slowly. Higher transportation costs mean more expensive raw materials. Electricity remains unreliable, so businesses rely on generators—and fuel is now painfully expensive. Many SMEs are reducing staff, increasing prices, or shutting down entirely. For startups and informal businesses, survival now feels like gambling.

Aged parents / retirees:
This may be one of the most vulnerable groups. Many elderly Nigerians depend on their children for survival, but those children are already overwhelmed. Pension payments are often delayed or insufficient, medication costs are rising, and frequent hospital visits are becoming harder to afford. Some older Nigerians are silently suffering because they don’t want to become “burdens.”

Students:
Transportation to school has become a daily struggle. Some students skip classes because they can’t afford transport fares. Feeding costs on campuses have skyrocketed, and many parents can no longer sustain tuition payments. The dream of education is becoming increasingly difficult for low-income families.

Bus drivers:
Transport operators are trapped. Fuel prices have gone up, vehicle maintenance costs have risen, spare parts are more expensive due to exchange rate issues, and passengers still complain about fare hikes. Many drivers are working longer hours for less profit while dealing with angry commuters.

Vendors / petty traders:
Street vendors and market traders are feeling the squeeze from both ends. They pay more to transport goods to market, but customers have less disposable income. Perishable goods get wasted because people are buying less. Many traders now make far lower profits despite working just as hard.

The bigger picture:
Subsidy removal was sold as a painful but necessary reform that would eventually free up funds for infrastructure and development. But for millions of Nigerians, there’s little visible relief. Instead, what many are experiencing is shrinking purchasing power, rising desperation, increased migration pressure, crime risks, mental stress, and a growing distrust in leadership.

The danger isn’t just economic hardship—it’s a generation gradually normalizing survival mode as a permanent way of life.

Everything you wrote are short term effects, like the pain you feel after a successful surgery. It's a deliberate choice, you can refuse the surgery and die or you can endure the short term pain and live.

wifeesnatcher:
the united opposition just need to promised Nigeria returned of subsidy and you go see how Tinubu will lose


removal of subsidy have no impact in average Nigerians lives, so of what use is the removal to us


useless and heartless leaders. thunda fire them all

Anything is possible but I can assure you that Nigeria will simply return to the period when all kinds of convoluted and senseless policies are introduced by the government just to maintain an illusion of well being.
Nigeria should be competing with countries like South Korea, Brazil and others not artificially fixing Naira rates and just going around in circles just paying salaries and no money for anything else.

Anti-people minister: the Axe in the hand of T-Pain

Elites only protect themselves

Even Obi no fit return am!

Lanruze:
I personally think Oyedele is overestimating himself and doesn't know that Nigeria operates on a brutal history of the class and ethnic struggle.

If you think you are bolder than Gen. Sani Abacha, IBB and even Buhari, then continue your " fuel subsidy removal" boldness rhetorics.

You remove PMS subsidy, devalue the currency and have also imposed a cost reflective tarriff on the poorest aggregation of people in the world and expect no push back ?

Anyway let's see if PBAT will be re-elected.

Why is Nigeria even a poor country? It is due to this feeding bottle mentality. You spend billions subsidizing a single product with almost nothing left for education, infrastructure, security, health care and you wonder why there's poverty!
You even subsidize neighboring countries! Where is the wisdom in this?

Novice1:
See his elongated forehead full of western theoritical economics.
May God remove every single subsidy in your life.

.
As you have cursed yourself, so shall it be

adenigga:
Source: https://dailypost.ng/2026/05/06/nigeria-wont-restore-fuel-subsidy-oyedele

No worry. By this time next year, Una useless tenure go don end.

ElSudani:
Yes, bring back the same old visionless people who made sure South Korea, Malaysia, Singapore etc all left us behind.
Bring them back, they might even bring back the subsidy to pacify you like a tranquilizer to make you feel like you are actually doing well while less endowed countries are leaving you behind.

You Dey South Africa dey sharp mouth on Nigeria matter.

Is that how the government in South Africa run?

You are loving Nigeria from afar. Wicked boy .

Democracy is suppose to be government of the people by the people and for the people but in Tunubu regime democracy is government of the elites for the elites and by the elites....

ElSudani:
Why is Nigeria even a poor country? It is due to this feeding bottle mentality. You spend billions subsidizing a single product with almost nothing left for education, infrastructure, security, health care and you wonder why there's poverty!
You even subsidize neighboring countries! Where is the wisdom in this?

After removing it what difference have they made in terms of improvement rather its downward the nation is going, is it not best they return the economy how they met it before they enter power

Remove the fuel tax. Nobody asked you to add to the pain caused by the removal of subsidies. Instead of palliative measures and a reduction in VAT, the government added to the burden of the masses. Even Pharaoh's taxation wasn't as harsh as this, yet he was called a wicked king.

Oyedele, restore fuel subsidy, don't restore fuel subsidy, it's a matter of time.

In the history of mankind no leadership has reigned forever. So take it very easy Oyedele. Tinubu's reign will certainly come to an end. Thereafter, Nigeria and her people will forever liveth.

cucumbar:
You Dey South Africa dey sharp mouth on Nigeria matter.

Is that how the government in South Africa run?

You are loving Nigeria from afar. Wicked boy .

Se na you send me to South Africa?

ElSudani:
Why is Nigeria even a poor country? It is due to this feeding bottle mentality. You spend billions subsidizing a single product with almost nothing left for education, infrastructure, security, health care and you wonder why there's poverty!
You even subsidize neighboring countries! Where is the wisdom in this?

My brother, with the removal of subsidies, the government still borrow money and in term of capital projects, we have nothing to show.

How do we explain these, we have funds being freed up as a result of subsidy removal and at the same time we are taking up loans.

Something is wrong somewhere.

koxyz:
My brother, with the removal of subsidies, the government still borrow money and in term of capital projects, we have nothing to show.

How do we explain these, we have funds being freed up as a result of subsidy removal and at the same time we are taking up loans.

Something is wrong somewhere.

Have nothing to show? Roads are being built all over the country and nothing to show?
Airports, railways are being built or rehabilitated and nothing to show?
You may not know but new power plants are currently being built and nothing to show?
Aggressive courting of foreign investment and nothing to show?
How did you think countries like China became developed?
By spoonfeeding their citizens?

Josywhyte:
Everytime meeting with global investors but nothing to show forth in the country. High cost of living,poor salary,fuel hike everyday, transportation at the mercy of commercial drivers, insecurity na no.1, kidnappings,killings,etc... All what our leaders know is to rush to another man's country to get nice treatment while our government hospitals dilapidate every second of the day.
We must rise up and take back our country come 2027

and then hand over the country to Obi who increased poverty level to almost double in his state that's not up to a local government in Lagos? Dey play.

ElSudani:
Have nothing to show? Roads are being built all over the country and nothing to show?
Airports, railways are being built or rehabilitated and nothing to show?
You may not know but new power plants are currently being built and nothing to show?
Aggressive courting of foreign investment and nothing to show?
How did you think countries like China became developed?
By spoonfeeding their citizens?

We are talking about government capital expenditures. Moreover, when you consider the revenue this government is generating , compare to what you listed above you will cry.

The value of what is on ground doesn't commensurate with the revenue being generated due to subsidy removal ,aggressive tax policies and floating of our exchange rate. The ultimate goal of any government is the welfare of its citizens not the otherwise