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Nigeria rules out return to fuel subsidy, sticks with exchange-rate reforms

The price board of an NNPC filling station in front of an office building
An NNPC filling station in Nigeria (file)

Madar (International) - Nigeria's Finance Minister Taiwo Oyedele has said President Bola Ahmed Tinubu's government will press ahead with its economic reforms, ruling out a return of the fuel subsidy or of a multiple exchange-rate system, despite the cost-of-living pressures that followed the removal of the subsidy and the floating of the naira in 2023.

Speaking at a press conference on the sidelines of the International Monetary Fund and World Bank meetings in Bangkok, the minister said the government had no intention of reversing these measures.

He added that investors, credit rating agencies and international institutions continue to ask about Abuja's commitment to the reforms.

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