The minister of finance and coordinating minister of the economy, Taiwo Oyedele, has reaffirmed that the presidency will not reinstate fuel subsidy despite growing public concern over rising living costs.
Speaking in Paris during a meeting with global investors alongside President Bola Tinubu, Oyedele said subsidy payments created economic distortions and hindered market efficiency.
He stressed that petrol prices will remain deregulated, with the government confident in market forces to determine pricing, even as inflation has climbed sharply since the subsidy removal in May 2023.