Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, has categorically dismissed rumors regarding the reinstatement of the fuel subsidy, emphasizing that the Presidency remains committed to its current economic trajectory. Speaking at a recent engagement, Oyedele clarified that the “subsidy era is over,” and the federal government has no intention of reversing a decision it views as vital for Nigeria’s long-term fiscal health.
The removal of the subsidy in 2023 sparked nationwide debate and significant inflationary pressure. However, Oyedele insists that returning to the old system would be a “suicidal” move for the economy. He argued that the previous regime primarily benefited a small group of wealthy individuals and neighboring countries through smuggling, rather than the average Nigerian. According to Oyedele, the funds previously swallowed by the subsidy are now being redirected into critical infrastructure, healthcare, and education.
Addressing the “hidden subsidy” claims—the gap between the landing cost of petrol and the pump price—Oyedele explained that price fluctuations are managed through strategic market interventions rather than a return to the opaque budgetary allocations of the past. He urged Nigerians to remain patient, noting that while the transition is painful, the destination is a transparent, market-driven energy sector that invites investment and reduces the national debt profile.
