The Federal Government has ruled out a return to petrol subsidies and multiple foreign exchange rates, insisting that Nigeria will continue with its current economic reforms despite concerns over rising fuel prices and the cost of living.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, stated this on Saturday, October 17, while speaking to journalists on the sidelines of the 2026 International Monetary Fund (IMF) and World Bank annual meetings in Bangkok, Thailand.
According to the minister, the government believes reversing the reforms introduced under President Bola Tinubu could weaken investor confidence and affect efforts to stabilise the economy.
Oyedele explained that the recent decision by the Nigerian National Petroleum Company Limited (NNPC) to offer a temporary 30-day petrol retail margin discount should not be interpreted as a return to the former fuel subsidy system. He described the measure as a commercial decision by the company to reduce its retail margin temporarily rather than a subsidy financed with public funds.
The government introduced the temporary measure amid continuing concerns about petrol prices and the pressure they place on households, transport operators and businesses.
The minister also said Nigeria is targeting economic growth of 7 per cent, arguing that the country could perform better than the IMF’s projections of 4.2 per cent growth in 2026 and 4.3 per cent in 2027.
He acknowledged that achieving the target would require sustained reforms, lower inflation, reduced borrowing costs and improvements in the cost of food, energy and transportation. These factors continue to affect businesses and households across the country.
Oyedele further stressed that economic growth must translate into employment opportunities and improved living standards. He warned that artificial intelligence could increase productivity without creating enough jobs for the growing number of young people entering the labour market.
The minister therefore called for greater investment in skills development and industries capable of creating jobs, particularly for young people.
The government’s position means it intends to maintain its existing economic policies while exploring other ways to reduce the pressure of rising energy costs on Nigerians. However, whether these measures will provide meaningful relief to households and businesses remains a key concern.
