Nigeria rules out fuel subsidy, price controls as reforms continue — Finance minister

Taiwo Oyedele, Minister of Finance and Coordinating Minister of the Economy, has confirmed that Nigeria will not reintroduce fuel subsidies or implement price controls, reaffirming the government's commitment to market-driven reforms. He made the statement following a meeting with global investors in Paris, France, where Nigeria's economic reforms and outlook were presented. Oyedele emphasized that subsidies create economic distortions and will not return, while price controls are also off the table as the government backs market forces with responsible regulation. "We will not bring back subsidies because they create distortions for the economy," he said. "We will not introduce price controls because we believe in markets, while ensuring that regulation is responsible so that no supplier, trader or manufacturer takes advantage of Nigerians." President Bola Tinubu, who attended the investor meeting, stated that the reform agenda focuses on removing structural distortions, stabilising macroeconomic indicators and enabling inclusive growth. He stressed policy stability and execution to ensure reforms yield tangible benefits. Nigeria recorded about 11.2 per cent GDP growth in dollar terms in 2025, according to Oyedele, supporting its goal of a $1 trillion economy by 2030. The government plans to publish quarterly financial data to improve transparency. Investors from firms including Citibank and Amundi expressed confidence in Nigeria's reform path. Director-General of the Debt Management Office Patience Oniha assured responsible borrowing and sustainable debt management. Oyedele noted global developments, such as Iran-related tensions, could bring risks and opportunities, including chances to diversify energy sources and access new markets.

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