Presidency Will Not Bring Back Fuel Subsidy, Oyedele Insists 06.05.2026

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.

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