NIGERIA RULES OUT RETURN TO PETROL SUBSIDY DESPITE RISING FUEL PRICES — WHO BEARS THE COST OF ECONOMIC REFORMS?
The Federal Government insists that reversing its petrol subsidy and foreign-exchange policies could undermine economic stability. But the continuing pressure on household incomes raises a fundamental question about the relationship between economic reform and citizens' welfare. By Itoro Uwah | Witty Global Blogs ABUJA, NIGERIA — SUNDAY, OCTOBER 18, 2026 The Federal Government has reaffirmed that Nigeria will not return to petrol subsidies or the former multiple exchange-rate system, despite mounting concerns about fuel prices and the cost of living. Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, made the government's position clear on Saturday, October 17, during a press briefing on the sidelines of the 2026 International Monetary Fund and World Bank Annual Meetings in Bangkok, Thailand. According to the minister, reversing the economic reforms could weaken investor confidence and threaten the stability the government is attempting to esta...