Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has said the federal government will not restore petrol subsidy or return to a multiple exchange rate system, despite rising fuel prices and calls for policy changes.
Oyedele spoke on Saturday at a press briefing to debrief a Nigerian journalist on the sidelines of the 2026 International Monetary Fund (IMF) and World Bank annual meetings in Bangkok, Thailand.
The minister said the government had no plans to reverse the economic reforms introduced under President Bola Tinubu, adding that the position had been made clear during engagements with investors, credit rating agencies and multilateral institutions.
“Let me be clear, there will be no return to fuel subsidies or multiple exchange rates,” the minister said.
“The recent 30-day retail margin discount is a time-bound commercial decision by the NNPC to reduce margins and support Nigerians. It is not a subsidy paid from public funds.”
He said reversing the reforms would undermine the progress made in stabilising the economy and could weaken investor confidence, adding that the government was exploring measures to ease the effects of higher energy costs without reinstating a blanket subsidy.
Oyedele argued further that the country needed to maintain the reform momentum and translate macroeconomic improvements into stronger economic activity and better living standards.
He said: “Nigeria must prioritise investments that create jobs as artificial intelligence (AI) threatens to widen the gap between economic growth and employment.”
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The minister added that governments could not measure economic progress by growth figures alone, stressing the need to ensure that investment and technological advances translate into decent jobs.
Citing estimates discussed during the meetings, Oyedele said about 1.2 billion young people would enter the global labour market over the next 10 to 15 years, while only about 400 million jobs were projected to be created.
The figures point to a significant employment challenge, particularly for developing economies with large and growing young populations.
Oyedele warned that artificial intelligence could fuel economic expansion without generating enough jobs to absorb new entrants into the labour market.
He said Nigeria must respond by investing in skills development at scale and attracting capital into sectors capable of creating substantial employment.
The minister also called for policies that would ensure the benefits of AI are shared fairly, including arrangements that allow African countries to use their data and technological capabilities to develop domestic expertise.
Oyedele also said the success of multilateral development institutions should be judged not only by the financing they provide or the growth they support but also by the jobs their interventions create.
Sunday Michael Ogwu is a Nigerian journalist and editor of Pinnacle Daily. He is known for his work in business and economic reporting. He has held editorial roles in prominent Nigerian media outlets, where he has focused on economic policy, financial markets, and developmental issues affecting Nigeria and Africa more broadly.