Fuel subsidy would cost Nigeria over N20trn yearly — Minister

The Federal Government has rejected calls for the return of petrol subsidy, warning that subsidising fuel could cost the country more than N20 trillion annually and ultimately make petrol more expensive.

Government rejects blanket subsidy Mr Oyedele said the government had instead used tax and duty waivers, local refining, naira-for-crude arrangements, exchange-rate stabilisation and CNG deployment to moderate fuel costs.

Mr Oyedele said the government would not reverse the subsidy reform, arguing that doing so would expose Nigeria to the same cycle of fuel scarcity, smuggling, currency weakness and fiscal pressure experienced in the past.