Nigeria won’t restore fuel subsidy – Oyedele

Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has reiterated that the Presidency volition not reintroduce substance subsidy, contempt wide concerns implicit the rising outgo of surviving pursuing its removal.

He made this known connected Tuesday successful Paris, France, during a gathering betwixt President Bola Tinubu and planetary investors.

Oyedele maintained that subsidies antecedently caused economical “distortions,” adding that petrol pricing would not beryllium regulated, arsenic the authorities has assurance successful marketplace forces to find prices.

After the subsidy was scrapped successful May 2023, Nigeria experienced a crisp spike successful inflation, reaching its highest level successful 19 years.

Headline ostentation accrued from 22.41% successful May 2023 to 34.19% by June 2024, driven mostly by rising fuel, food, and proscription costs, which worsened surviving conditions nationwide.

Inflation continued to ascent steadily aft the June 2023 argumentation shift, with nutrient ostentation exceeding 39% by October 2024.

The argumentation change, alongside currency devaluation, pushed proscription costs up by astir 300% and deepened poorness levels.

“We volition not bring b...