Fuel Subsidy Won’t Return Under Tinubu, Says Finance Minister Oyedele

According to a report by Channels Television on Friday, October 9, 2026, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has said the Federal Government will not restore fuel subsidy.

Oyedele maintained that the administration would not return to the previous subsidy system, which was discontinued in 2023.

His position comes amid renewed public debate over petrol prices and the government’s recent decision to introduce a temporary discount at Nigerian National Petroleum Company Limited retail stations.

The minister explained that the latest petrol discount does not amount to a return of subsidy.

According to him, NNPC Retail is reducing its profit margin to lower the price paid by customers rather than receiving money from the government to cover the difference.

Oyedele said the distinction is important because the former subsidy arrangement required public funds to cover part of the cost of petrol.

Under the current arrangement, NNPC Retail purchases petrol from suppliers at market prices before adjusting its retail margin.

The Federal Government has said the discount is intended to provide temporary relief to motorists amid rising fuel costs.

The measure initially covers 30 days, with public transport operators identified as a priority group.

Oyedele has also warned against restoring the former subsidy regime, arguing that it could place additional pressure on government finances and the exchange rate.

He has challenged those advocating a return to subsidy to explain how such a policy would be funded sustainably and what petrol prices it would deliver.

The debate has continued as Nigerians contend with the effects of high petrol prices on transportation, businesses and household expenses.

Labour leaders and political figures have questioned whether the government’s temporary discount will provide meaningful relief, while the administration maintains that targeted interventions are preferable to restoring the previous system.

The government’s position is that the current discount is a commercial decision by NNPC Retail, not a publicly funded subsidy.

Oyedele has maintained that the administration will not reverse its 2023 policy decision, even as it pursues measures aimed at easing the cost-of-living burden.

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