FG warns that return of subsidy could lead to ₦2,000/Litre Petrol, ₦3,000/$ exchange rate.
The Federal Government has strongly defended its decision to eliminate fuel subsidies, warning that reinstating the policy would trigger severe economic instability, driving petrol prices above ₦2,000 per litre and pushing the exchange rate toward ₦3,000 per US dollar.
Speaking at a press briefing in Abuja on Thursday, October 8, addressing fuel pricing and growing public calls for subsidy reinstatement, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, cautioned that returning to subsidies would destabilize fiscal progress.
"Return subsidy, and the sequence is familiar. Weaker revenues invite a sovereign credit downgrade. As the rating agencies themselves have already signalled, and you can read all their reports, that would put at risk the upgrade we...