The [Federal Government](https://www.gov.ng/) of Nigeria stated on 20 October 2026 that it will not bring back fuel subsidies nor re‑introduce multiple exchange rates, reaffirming its dedication to the reforms introduced by President Bola Tinubu. The announcement was delivered by Finance Minister Taiwo Oyedele while attending the World Bank and IMF sessions in Bangkok, Thailand.
Oyedele explained that the administration remains firm on keeping the subsidy removal in place and maintaining a liberalised foreign‑exchange market. He noted that queries about a possible policy reversal are frequently raised in discussions with rating agencies, investors and multilateral bodies.
"Let me be clear, this question comes up repeatedly in our engagements with rating agencies, investors and multilateral institutions – are you reversing your plans? Are you bringing back subsidies? The answer is no; there will be no return to fuel subsidies or multiple exchange rates," the minister said.
The clarification arrives as the issue of petrol subsidy removal resurfaces as a political flashpoint, with opposition figures such as former Vice‑President Atiku Abubakar of the African Democratic Congress and Peter Obi of the Nigeria Democratic Congress urging the government to adopt measures that ease the cost‑of‑living pressures ahead of the 2027 general elections.
The finance minister’s remarks were made on the sidelines of the [World Bank](https://www.worldbank.org/) and International Monetary Fund meetings, where Nigeria continues to engage with global financial institutions on its reform agenda.