Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has categorically stated that the administration of President Bola Ahmed Tinubu will not entertain the idea of bringing back fuel subsidy, news.ng reports.
Oyedele made this known to journalists when President Tinubu met with global investors in Paris, France, on Tuesday.
Oyedele, who was recently elevated to the post of a senior minister following the resignation of Wale Edun, added that the government will not introduce price controls due to the President’s trust in the market.
This, according to the Minister, will prevent players in the economy from taking advantage of the Nigerian people.
“We will not bring back subsidies because it creates a distortion for the economy, and we will not introduce price control because we believe in markets.
“While at the same time ensuring that regulation is responsible so that there’s no supplier, trader, manufacturer taking advantage of the Nigerian people,” Oyedele told journalists.
Responding to the ongoing geopolitical tensions in the Middle East, which have destabilised the global oil industry and its supply chain, the Minister noted that the government is closely monitoring the situation.
The Minister said that the situation presents new opportunities to rethink how to diversify energy sources and how the government can take advantage of the hike in oil prices.
“We see also the issues going on in Iran, while that is unfortunate, we think it presents new opportunities for us as the world looks to diversify sources of energy and investing in new markets, as well as ensuring that Nigeria is able to get the optimal outcome from the price regime to be able to mobilize more revenue and spend that productively to address supply, supply side, and also ensure that we manage inflation as much as possible. So overall, excitement, better days ahead.”
