Nigeria’s Finance Minister and Coordinating Minister of the Economy, [Taiwo Oyedele](https://www.finance.gov.ng/), said on Saturday that global investors and capital markets have effectively written off the opposition’s pledge to bring back the fuel subsidy. Speaking on the sidelines of the World Bank and [IMF](https://www.imf.org/) gatherings in Bangkok, Thailand, he explained that market participants view the opposition as lacking seriousness, which is why subsidy reinstatement is absent from price calculations.
**What did the minister say about market perception?**
He noted that both domestic and international markets, observable through capital‑market movements, have largely dismissed the opposition’s subsidy promises. "If the President were to announce a reconsideration of the subsidy, we would immediately see that reflected in prices," Oyedele warned, adding that the market’s confidence stems from a clear view of who is sincere with the Nigerian people.
**Why is the subsidy issue contentious?**
The Tinubu administration has pursued a series of structural reforms, including liberalising the foreign‑exchange market, abolishing what it described as a wasteful and corruption‑prone subsidy system, and implementing tax reforms. While the government argues that ending the subsidy is essential for fiscal sustainability, opposition figures such as Atiku Abubakar of the ADC and Peter Obi of the NDC have pledged to restore it if elected.
Atiku, a former vice‑president, reiterated his stance that a nation’s wealth should be measured by citizens’ purchasing power, not by government revenue, and vowed to bring back the subsidy. Obi, who previously labelled the subsidy an “organised crime,” reversed his position in a recent BBC interview, saying he would reinstate the subsidy but eliminate the corruption surrounding its distribution.
**What is the government’s current position?**
Oyedele emphasized that there will be no return to fuel subsidies or multiple exchange rates. He clarified that the 30‑day retail‑margin discount introduced by the government is not a subsidy arrangement. The minister said this point has been repeatedly raised in discussions with rating agencies, investors, and multilateral institutions.
In summary, the finance minister asserted that both international investors and domestic markets have written off opposition politicians as unserious on the subsidy issue, and he reaffirmed the government’s commitment to maintaining the current policy direction.