Nigeria’s finance minister Taiwo Oyedele warned that restoring fuel subsidies could weaken investor confidence and the naira. Speaking in Bangkok, he described NNPC Retail’s pump-price discounts as commercial decisions aimed at higher sales volumes. His comments followed investor questions about the durability of reforms introduced in 2023 as the country approaches its 2027 election.
Nigeria’s finance minister Taiwo Oyedele defended the government’s reform stance against calls to restore fuel subsidies on 17 October. Speaking after the International Monetary Fund and World Bank meetings in Bangkok, Thailand, he said investors had asked about the durability of the reforms. His comments came as the country approaches its 2027 election.[1], [2]
Oyedele warned that a return to subsidies could weaken policy credibility and encourage foreign investors to withdraw capital. He said domestic savers could also move from naira assets into dollars. These were conditional warnings about a possible policy reversal. Nigeria removed fuel subsidies and liberalised its foreign-exchange regime in 2023. Higher fuel and transport bills have increased living costs for households and operating costs for businesses.[1]
The minister disputed the suggestion that pump-price cuts by NNPC Retail, the state oil company’s retail arm, meant government-funded subsidies had resumed. In Oyedele’s account, the company was accepting lower margins to build customer loyalty and increase sales volumes, seeking to cover its costs through selling more fuel. The government argues that the changes made in 2023 have benefited public finances and investor confidence.[1]
