May 5, 2026 | SUNTV Global
Nigeria’s Minister of Finance, , has firmly ruled out any possibility of reintroducing fuel subsidy, declaring that such a move would be harmful to the country’s economy.
Speaking on the government’s economic direction, Oyedele stated that the subsidy regime, which had existed for years, proved unsustainable and detrimental to national growth.
“We will not bring back subsidy because it creates destruction for the economy,” he said, reinforcing the administration’s stance on economic reforms.
The minister also dismissed the idea of imposing price controls, stressing that the government remains committed to a free-market system driven by demand and supply.
“And we won’t introduce price control because we believe in the market,” he added, signaling continued support for deregulation in Nigeria’s petroleum sector.
On the global stage, Oyedele pointed to rising geopolitical tensions involving as a potential opportunity for Nigeria. He explained that shifting dynamics in global energy supply could open doors for increased investment and positioning in the international oil and gas market.
“The situation in Iran presents new opportunities for us as the world looks to diversify energy sources and invest in new markets,” he noted.
His remarks come as Nigeria continues to navigate post-subsidy economic adjustments, with authorities emphasizing long-term stability over short-term relief measures.
