Finance Minister Taiwo Oyedele stated on Tuesday in Paris that the government will not reinstate fuel subsidies, citing economic distortions and market self-regulation. This follows the May 2023 removal which caused inflation to rise from 22.41% to 34.19% by June 2024, a 19-year high, with food inflation over 39% by October 2024 and transport costs up nearly 300%. President Bola Tinubu told investors that subsidy removal achieved foreign exchange stability and is part of reforms aiming for a $1 trillion economy by 2030. Oyedele noted 11.2% dollar-term GDP growth last year and pledged quarterly financial reports. Investors from Citibank, Amundi, and others praised the reforms.