{
  "id": 15469323,
  "title": "FG rules out return to fuel subsidy, multiple exchange rates",
  "url": "https://urgent.news/2026/10/18/fg-rules-out-return-to-fuel-subsidy-multiple-exchange-rates",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-18T18:28:56.000Z",
  "source": {
    "name": "Nairametrics",
    "slug": "nairametrics",
    "url": "https://nairametrics.com/2026/10/18/fg-rules-out-return-to-fuel-subsidy-multiple-exchange-rates/"
  },
  "original_language": "en",
  "account": "The Federal Government has dismissed plans to reintroduce fuel subsidies and multiple exchange rates, reinforcing its dedication to economic reforms aimed at translating stabilization gains into investment, economic growth, and job creation. Finance Minister Taiwo Oyedele, speaking at a news conference following Nigeria's attendance at the IMF/World Bank Group Annual Meetings in Bangkok, Thailand, clarified that the recent 30-day retail margin discount on petrol by the Nigerian National Petroleum Company Limited (NNPC) was a temporary commercial decision to lower margins and aid Nigerians, not a publicly funded subsidy. Oyedele reaffirmed the government's stance against reverting to prior fuel pricing and foreign exchange systems. Nigeria's economy expanded by 4.4% in the second quarter of 2026, while inflation fell for four consecutive months to below half its peak level from about two years prior. The priority now is to convert these improvements into heightened investment, swifter economic growth, and improved employment prospects. The World Bank Group has pledged continued support for Nigeria's power and infrastructure sectors through guarantee instruments and financing mechanisms, although Oyedele cautioned these commitments do not equate to immediate financial assistance. Nigeria has utilized its chairmanship of the Group of 24 (G24) to advocate for reforms in the global financial system, such as a more robust quota-based IMF, more transparent credit-rating processes, deeper local-currency markets, and affordable climate finance. Oyedele also expressed backing for an African credit-rating agency, emphasizing that nations implementing credible economic policies should have access to more affordable financing. Regarding the energy transition, Oyedele highlighted natural gas as Nigeria's transition fuel and called for climate finance arrangements that acknowledge varying stages of development among countries. The government has also introduced 65 investment projects valued at $78.5 billion under the Project Nigeria initiative, covering energy, transport, industry, mining, agriculture, healthcare, and services. Each project includes a feasibility study and is designed to attract private-sector participation from local and foreign investors, with investors from Asia and Europe having already expressed interest.",
  "summary": "The Federal Government has ruled out restoring fuel subsidies and multiple exchange rates, reaffirming its commitment to economic reforms as it seeks to translate stabilisation gains into investment, economic growth and job creation. The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, stated this on Saturday at a news briefing following Nigeria’s […] The post FG rules…",
  "key_points": [
    "Federal Government rejects fuel subsidies and multiple exchange rates.",
    "Finance Minister Taiwo Oyedele clarifies temporary margin discount was not subsidy.",
    "Nigeria's economy grew 4.4% Q2 2026, inflation fell below two-year peak."
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}