Oyedele disclosed this at the opening ceremony of the 56th Annual Conference of the Institute of Chartered Accountants of Nigeria (ICAN), in Abuja on Tuesday, where he explained that past subsidy regimes were sustained by borrowing against and mortgaging future crude oil production, a practice that severely undermined the country’s economic health.
He dismissed political figures offering promises to slash fuel prices down to N700, N500, N300, or even distribute it for free, describing these proposals as unrealistic rhetoric that ignores the fundamental mechanics of public finance.
“When we had problems with foreign exchange just three years ago, young people could not even pay on their card to buy apps to do the small stuff they do online to earn a living. Manufacturers got letters of credit that were disregarded by the international community, only the highly connected got dollars and everybody else bought at a premium. Some companies were closing down.
“The likes of Emirates says, what’s the point of flying people to Nigeria and not being able to repatriate their money? We became the number one country in the world with the highest indebtedness to airlines. They could not get their money.
“We did subsidy to the extent that we exhausted government’s money. We started using future production of crude oil. That is why I said to the politicians that said they will bring subsidy back by discounting crude. There is no crude.
“When we did subsidy, we had less than 100,000 barrels per day left before Mr. President came. So the number is rising now but it’s not there yet. You can blame anyone that you like but the reality is we do not have crude.You cannot give what you don’t have,” he said.
He said that the government is embarking on broader reforms and stronger fiscal reporting, with internal controls designed to close the gap that abuse exploits, including fraudulent entities that pose as government agencies to extract money from unsuspecting citizens and businesses and from government itself.
The minister further explained that efforts were ongoing to strengthen the institutions built for exactly this purpose. From the Budget Office, to the Fiscal Responsibility Commission, to the Office of the Accountant General for the Federation, the National Bureau of Statistics and the Code of Conduct Bureau, among others.
“One decision we have made is that if we do not strengthen institutions established by law to make us accountable, then we pay only lip service to accountability. So you will see these institutions will be strengthened in the coming months and years ahead.
He regretted the draw backs in government operations, stating that the federal government is just completing the audit of its 2022 financial statements. He however said that to ensure future accountability, all entities are expected to align and update their budgetary accounts by Q1 of the coming year.
“Part of that work is becoming current with our own financial reporting, timely audited financial statements, and a proper balance sheet. You know the financial statement of the federal government? We just completed the audit of 2022.
“So I have given everybody a chance in marching forward to bring the budgeted account of the government up to date by Q1 of next year. Going forward, we will update those accounts and publish them by the due date, not later than six months after year-end. We must own ourselves to the same standards to which we expect others,” he added.
In her remark, Queensley Seghosime, the 62nd President and Chairman, Council of ICAN urged policymakers and public leaders to shift the focus of economic planning from macroeconomic statistical indicators to measurable improvements in the daily lives of citizens.
Speaking on the theme of the conference: ‘Beyond Numbers: Strengthening the Economy, Securing the Nation’, Seghosime emphasized that macroeconomic growth must translate directly into public safety, job creation, and accessible public services.
She said, “Nigeria stands at a defining moment. Reforms are under way, difficult decisions are being taken, and the economy recorded growth of approximately 4.2 percent in the first half of 2026. We acknowledge these developments and the responsibility borne by those entrusted with national leadership. Yet our ambition must reach beyond improved indicators, to productive employment, thriving enterprises, stronger institutions and better living standards for every Nigerian.
“As Nigeria looks towards the 2027 general elections, we are reminded that the enduring strength of a nation rests on institutions that command public trust, policies that outlive political cycles, and a shared commitment to the national interest. Our responsibility is not merely to prepare Nigeria for the next election, but to help build a Nigeria that will prosper well beyond it.
“National security today extends beyond the protection of lives and property, to the security of our food systems, energy supplies, digital infrastructure, livelihoods and institutions. A secure environment enables enterprise to flourish. A productive economy creates jobs. Credible institutions sustain both.”