Bringing back fuel subsidy will destabilise economy, cost N20trn a year — Oyedele

The Minister of Finance, Taiwo Oyedele, has warned that restoring petrol subsidy to previous levels could cost Nigeria more than ₦20 trillion annually and destabilise the economy.

According to P.M. News, Oyedele disclosed this during a strategic engagement with government ministries, departments and agencies in Abuja on Thursday.

He explained that fixing petrol at ₦500 per litre alone would cost over ₦16 trillion annually, threatening government finances, salaries and public services.

The minister attributed rising petrol prices to global conflicts and disruptions in international energy supplies.

He said subsidy removal generated ₦15.8 trillion for the Federation Account between June 2023 and December 2025.

Oyedele announced a 30-day petrol discount at NNPC stations, prioritising public transport operators.

He also disclosed plans for a ₦1,350-per-litre ceiling on petrol landing costs and increased support for vulnerable Nigerians.

“We can not afford to live through the previous cycle of scarcity, smuggling, currency weakness and fiscal crisis,” he said.

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