Dare Babalola
The Federal Government has reiterated that it will not restore fuel subsidies or introduce price controls, saying it remains committed to market-based economic reforms aimed at stabilising and growing the economy.
Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, made the position known during an investment engagement with international stakeholders in Paris on Tuesday, where he outlined the administration’s economic direction and reform priorities.
According to Oyedele, the government has no plans to return to policies that distort market operations, insisting that competitive markets remain the most effective way to drive efficiency, attract investment and create sustainable growth.
He said while the government supports free-market principles, it would also ensure proper regulation to prevent exploitation of consumers by businesses, traders and manufacturers.
Oyedele noted that the administration’s strategy is to allow prices to be determined by supply and demand, while strengthening oversight mechanisms that guarantee fairness and protect Nigerians from excessive profiteering.
He explained that responsible regulation would remain necessary to ensure that businesses do not take undue advantage of prevailing economic conditions at the expense of ordinary citizens.
Speaking on global economic developments, the minister said Nigeria is closely monitoring international events, including tensions involving Iran, noting that such disruptions could create both risks and opportunities for oil-producing nations like Nigeria.
He said as global markets respond to uncertainty and countries seek alternative energy sources and investment destinations, Nigeria is positioning itself to take advantage of new opportunities.
According to him, the country intends to maximise revenue from favourable commodity prices and channel the proceeds into productive sectors that can stimulate growth, boost supply and reduce inflationary pressure.
Oyedele added that increased public revenue would be used to strengthen the economy, support key sectors and improve living conditions for citizens.
Despite current economic pressures, the minister expressed confidence in Nigeria’s long-term prospects, saying ongoing reforms would yield positive results over time.
He maintained that the government remains optimistic about the future and believes better economic conditions lie ahead.
The administration’s comments come amid continued public debate over the effects of subsidy removal, inflation and rising living costs, with officials insisting that the reforms are necessary to secure long-term economic stability.
