Nigeria’s Federal Government says restoring a petrol subsidy would be extremely costly and could drive higher fuel prices and further naira depreciation. The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, warns that bringing petrol back to pre-reform pricing would cost more than ₦20 trillion per year.
The outlets report that Oyedele links subsidy restoration to a weakened exchange rate, projecting the naira could fall toward ₦3,000 per US dollar. He also warns that pump prices could rise to around ₦2,000 per litre if subsidy returns. The articles present these figures as part of the government’s argument against reintroducing petrol subsidy, framing the proposal primarily in terms of fiscal impact and currency pressure.
