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Speaking at the 2026 World Bank/IMF Annual Meetings in Bangkok, Nigeria’s Minister of Budget and Economic Planning, Senator Abubakar Bagudu, said the country’s economic reforms are beginning to bear fruit. He praised President Bola Tinubu’s resolve and urged tighter fiscal‑monetary coordination to sustain growth.
Nigeria's Finance Minister Taiwo Oyedele told the World Bank and IMF meetings in Bangkok that both international investors and local markets consider opposition politicians urging a return to the subsidy regime as unserious and have not factored such a move into price forecasts.
Nigeria's federal authorities have reiterated that fuel subsidies and multiple exchange rates will not be reinstated, underscoring the commitment to President Bola Tinubu's economic reforms. The clarification came from Finance Minister Taiwo Oyedele during the World Bank and IMF meetings in Bangkok.
Bolaji Abdullahi, the African Democratic Congress spokesperson, questioned whether Finance Minister Taiwo Oyedele possesses the appropriate education to manage Nigeria’s economy, citing the recent 30‑day fuel price reduction. He stressed the need for specialised economic training while affirming respect for Oyedele.
Finance Minister Taiwo Oyedele announced a new performance‑based framework for ministries, departments and agencies aimed at streamlining regulations, reducing fees and improving service speed for businesses across Nigeria.
The head of the Petroleum Products Retail Outlets Owners Association of Nigeria says the Federal Government's plan for a 30‑day petrol discount may falter because there are too few NNPC retail outlets to reach all consumers effectively.
Finance Minister Taiwo Oyedele said the Tinubu administration will not bring back the petroleum subsidy, despite a newly announced 30‑day fuel discount at NNPCL stations, prompting criticism from ADC candidate Atiku Abubakar.
During a Channels Television interview, Finance Minister Taiwo Oyedele rejected NDC presidential hopeful Peter Obi's promise to reinstate Nigeria's petrol subsidy, arguing that President Bola Tinubu has already eliminated the corruption linked to the scheme.
The Nigerian National Petroleum Company Limited said motorists have been receiving a N66 per litre discount on Premium Motor Spirit at its retail stations, a scheme that started on 1 October and will run until 31 October, preceding the federal government's decision to lower the official pump price to N1,350 per litre.
The federal government announced a plan to push inflation into single‑digit territory while the Nigerian National Petroleum Company will offer petrol at its landing cost for the next month, a move supported by President Bola Ahmed Tinubu.