The Federal Government has restated its position on two major economic policies, ruling out a return to petrol subsidies and multiple foreign exchange rates as debate over the cost of living intensifies ahead of the 2027 general elections.

The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, made the position clear on Saturday, October 17, during a briefing on the sidelines of the International Monetary Fund and World Bank annual meetings in Bangkok, Thailand.

Oyedele said the government had repeatedly faced questions from investors, international rating agencies and multilateral institutions about whether it intended to reverse the reforms. He maintained that the administration of President Bola Tinubu would not return to the former fuel subsidy arrangement or the multiple exchange rate system.

The minister’s remarks come amid continuing public concern over petrol prices, transportation costs and rising household expenses. The removal of petrol subsidies in May 2023 was followed by significant increases in fuel prices, while the foreign exchange reforms changed how the naira’s value is determined in the official market.

Oyedele also addressed questions surrounding the Nigerian National Petroleum Company Limited’s 30-day petrol retail margin discount. He described the initiative as a temporary commercial decision by the state-owned company to reduce its retail margins, rather than a subsidy financed directly from public funds.

The issue remains part of the wider political debate ahead of the 2027 elections. Opposition figures, including former Vice-President Atiku Abubakar and Peter Obi, have criticised aspects of the government’s economic management and called for measures to ease the burden on Nigerians. Their proposals and criticisms differ from the administration’s stated approach.

While the Federal Government maintains that its reforms are intended to address longstanding fiscal and foreign exchange challenges, the effects on consumers and businesses remain central to public discussion. Oyedele’s latest remarks indicate that the administration intends to maintain its current policy direction rather than restore the previous arrangements.