The Federal Government has reaffirmed its opposition to restoring petrol subsidies, with Finance Minister Taiwo Oyedele saying Nigeria must increasingly attract private investment to finance economic growth.
Oyedele made the remarks at Chatham House in London on Wednesday, October 21, 2026, according to Reuters.
“The petrol subsidy is gone and it is staying gone,” the minister said.
He explained that the government’s next phase of growth would depend more on domestic and foreign private capital than additional state borrowing.
Government Rejects Reports of New Fuel Tax
The minister’s comments came alongside a separate controversy over reports suggesting that the government intended to introduce a tax on petrol.
In a clarification issued on Tuesday, October 20, Oyedele said his remarks during an ARISE News interview had been misrepresented.
According to reports, he maintained that a fuel tax was not under consideration.
He argued that introducing an additional levy at this time would be insensitive following the removal of petrol subsidies.
The clarification addresses concerns about an additional charge on fuel, while leaving the government’s existing subsidy-removal policy in place.
Minister Explains Earlier Remarks
News had it, that the disputed interview took place on the sidelines of the International Monetary Fund and World Bank annual meetings in Bangkok.
Oyedele explained that imposing a fuel tax while petrol was subsidised would have been counterproductive, since the government would effectively have been paying the tax itself.
His clarification sought to distinguish that explanation from an announcement of a new levy.
Focus Turns to Household Incomes
The minister said the government’s priority was to improve incomes relative to prices rather than impose a fuel tax, according to reports.
The position keeps attention on how economic reforms translate into household purchasing power.
For motorists, transport operators and businesses, the immediate policy message is that the government has rejected reports of a new fuel tax while maintaining its stance against the return of petrol subsidies.
Related stories from LegalLinkz
- Agbakoba, SAN, Proposes ₦400 Petrol Through Domestic Crude Pricing
- Like Germany, Like Atiku — Dino Melaye
behind Games Village, Abuja
5A, CGH, Games Village, Abuja