Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has reaffirmed that the federal government will not reintroduce subsidies or price controls, insisting that the Federal Government is committed to market-driven economic reforms. Oyedele stated this while speaking at an event in Paris after an engagement with global……
Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has reaffirmed that the federal government will not reintroduce subsidies or price controls, insisting that the Federal Government is committed to market-driven economic reforms.
Oyedele stated this while speaking at an event in Paris after an engagement with global investors on Tuesday, a session which had President Bola Tinubu in attendance.
The Minister emphasised that the Federal Government is committed to policies that protect Nigerians from exploitation by suppliers, traders, and manufacturers whose actions distort the economy.
Oyedele said, “We were also able to answer their questions, and we were also able to get insights about the excitement that they continue to have about the running of the economy, the reforms, and the fact that we’re able to give them the commitment, including Mr President himself, about what we will not do.
“For example, we will not bring back subsidy because it creates distortion for the economy, and we will not introduce price control because we believe in markets, while at the same time ensuring that regulation is responsible so that there’s no supplier, trader, manufacturer taking advantage of the Nigerian people.”
Citing global oil challenges, particularly in the Gulf region, Oyedele noted that the development presents opportunities for Nigeria, particularly in the energy sector.
The Minister said the development presents an opportunity for global energy diversification and investment in new markets, while helping Nigeria optimise its price regime to generate more revenue.
He said, “We see also the issues going on in Iran. While that is unfortunate, we think it presents new opportunities for us as the world looks to diversify sources of energy and invest in new markets, as well as ensuring that Nigeria is able to get the optimal outcome from the price regime to be able to mobilise more revenue and spend that productively to address supply, supply-side, and also ensure that we manage inflation as much as possible. So overall, excitement, better days ahead.”
