The Minister of Information and National Orientation, Mohammed Idris, has warned that bringing back petrol subsidy could wipe out some of the economic gains recorded since President Bola Tinubu ended the subsidy regime in 2023.
Idris said returning to the former system could place fresh pressure on government finances, discourage investors and recreate some of the challenges that made the subsidy difficult to sustain.
The minister made the position known in an opinion article published in several national newspapers on Monday, August 24, 2026, titled “Restoring Fuel Subsidy Will Reverse Nigeria’s Economic Gains.”
According to him, Nigeria’s experience with petrol subsidy showed that the policy came with a heavy financial burden while creating distortions in the fuel market.
He argued that restoring the subsidy would bring back the fiscal pressures, fuel scarcity and opportunities for arbitrage that characterised the previous arrangement.
The minister urged those calling for the return of the subsidy to consider the other areas that could lose government funding if huge sums were again committed to keeping petrol prices artificially low.
He questioned whether Nigeria should prioritise petrol subsidy over student loans, consumer credit, increased allocations to states and local governments, as well as investments in roads, railways, electricity and security.
Idris also pointed to the need for more funding for healthcare, education and social programmes aimed at supporting vulnerable Nigerians.
He recalled that Nigeria spent about $10 billion on fuel subsidies in 2022, despite declining oil production and weak government revenues.
The minister said the World Bank had previously warned that the money spent on the subsidy could have been directed towards critical sectors such as education, healthcare, infrastructure and social protection.
Meanwhile, President Bola Tinubu has expressed his administration’s readiness to support the Nigeria LNG Limited (NLNG) in expanding its operations and contributing more to the country’s economy.
Tinubu gave the assurance while receiving members of the NLNG board and management at the State House.
The President commended the company’s leadership for its performance and said the government would consider providing incentives that could encourage further investment and expansion.
He stressed that Nigeria must make better use of its natural resources by developing them in ways that benefit citizens and strengthen the economy.
Tinubu also called for greater local participation in the energy sector, particularly in meeting domestic energy needs and developing pricing arrangements that would take the concerns of ordinary Nigerians into account.
Speaking during the visit, Falade said the NLNG board was at the State House to brief the President on the company’s operations and activities since his administration came into office.
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