Fuel Subsidy: Tinubu’s Government Takes a Firm Stand as 2027 Approaches

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The Federal Government has insisted that it will not reverse the removal of fuel subsidies or restore multiple exchange rates, reaffirming its commitment to the economic reforms introduced by President Bola Tinubu.

The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, made this position known in a statement issued on Saturday while addressing questions surrounding the administration’s economic policies ahead of the 2027 general elections.

Oyedele spoke on the sidelines of the World Bank and International Monetary Fund meetings in Bangkok, Thailand.

He explained that the government intends to maintain the removal of fuel subsidies and sustain the liberalisation of the foreign exchange market.

According to the minister, concerns about a possible reversal of the reforms have repeatedly surfaced during discussions with rating agencies, investors and multilateral financial institutions.

He maintained that the administration had no plans to restore fuel subsidies or return to a system of multiple exchange rates.

“And let me be clear as well, this was a recurring question almost through all our engagements, but also with the rating agencies, with the investors, and the multilateral institutions. Every time they ask, are you reversing your plans? Are you bringing back subsidies? Let me be clear, there will be no return to fuel subsidies or multiple exchange rates,” the minister said.

The Federal Government’s position comes amid renewed political debate over petrol subsidy removal, as opposition figures continue to advocate alternative policies to ease the financial burden on Nigerians ahead of the 2027 elections.

Former Vice-President Atiku Abubakar of the African Democratic Congress, ADC, and Peter Obi of the Nigeria Democratic Congress, NDC, have both criticised the government’s economic policies and called for measures to address the rising cost of living.

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