The federal government has stressed that it does not plan to bring back the payment of subsidies on premium motor spirit (PMS), otherwise known as petrol
This disclosure was made by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, during a meeting with some global investors in France.
Some of the investors were from Citibank and France’s Amundi, led by Valerie Baudson. There were also BlueCrest, the Britain- and South Africa-based Ninety One, Kirkoswald Capital, Principal Finisterre, US groups Prudential Global Investment Management (PGIM) and Mesarete Capital.
There had been calls for the return of petrol subsidy in Nigeria as a result of higher energy costs triggered by the Middle East crisis. The price of crude oil on the global market has surpassed $115 per barrel, and this is making Nigerians pay more for petroleum products, despite being an oil-producing nation.
A few days ago, the federal government, to calm the nerves of airline operators who threatened to shut down operations due to the high cost of aviation fuel, had 30 per cent of their debt written off, and also got a deal to buy Jet fuel at a steady price, indicating a subsidy.
“We will not bring back fuel subsidy because it creates distortions for the economy, and we won’t introduce price control because we believe in the market… the situation in Iran presents new opportunities for us as the world looks to diversify sources of energy and invest in new markets,” Mr Oyedele said in Paris, the French capital.
“Nigeria recorded a strong GDP growth rate of 11.2 per cent in US dollar terms in 2025, reinforcing the country’s ambition to achieve a $1 trillion economy by 2030,” he added.
The Finance Minister emphasised the government’s near-term priorities of translating reforms into results for the Nigerian people. He also pledged to publish quarterly financial data.
Mr Oyedele is in France with President Bola Tinubu, who departed Nigeria on Sunday for a three-nation trip to France, Kenya, and Uganda.
The President said the economic reform programme of his administration includes measures to remove economic distortions and stabilise macroeconomic indicators, laying the foundation for sustained inclusive growth.
He assured that his government was committed to deepening reforms, enhancing transparency across the oil value chain, and implementing a multi-pronged security strategy, including police decentralisation and disrupting terrorist financing.
“The focus remains on policy stability and diligent execution to ensure these strategic shifts translate into concrete benefits for all Nigerians,” Mr Tinubu said
