“If, for any reason, the President were to say we are merely considering the return of fuel subsidy, capital would react immediately,” the minister was quoted as saying.
The Coalition Against Corruption and Bad Governance (CACOBAG) has demanded the resignation of Finance Minister Taiwo Oyedele over his warning that the naira could depreciate to between N3,000 and N4,000 against the dollar if the Federal Government restores fuel subsidy.
In a statement issued on Thursday by its chairman, Toyin Raheem, the group described the minister’s remarks as insensitive to Nigerians struggling with rising living costs.
Oyedele reportedly made the remarks during a press briefing at the International Monetary Fund (IMF) and World Bank Annual Meetings in Bangkok, warning that even the prospect of restoring fuel subsidy could trigger negative reactions in the foreign exchange market.
“If, for any reason, the President were to say we are merely considering the return of fuel subsidy, capital would react immediately,” the minister was quoted as saying.
He argued that uncertainty over the government’s economic reforms could increase borrowing costs, weaken the naira and make petrol more expensive despite any subsidy introduced.
But CACOBAG said the government should prioritise affordable energy, economic productivity and citizens’ welfare rather than portray subsidy restoration as an economic threat.
“The minister ought to have kept quiet instead of embarrassing us outside Nigeria,” the coalition said.
The group argued that governments in countries including the United States, the United Kingdom, Germany, France, Canada and Norway provide subsidies or other forms of public support to cushion citizens against rising costs.
It also cited oil-producing countries such as Libya, Angola, Algeria and Egypt as examples of countries where fuel price interventions remain possible.
CACOBAG said high petrol prices affect transportation, food production, housing, healthcare and education, worsening poverty and inequality.
The coalition criticised President Bola Tinubu’s removal of fuel subsidy on May 29, 2023, arguing that the policy was implemented without adequate consultation or sufficient protection for vulnerable households.
It also faulted the administration over electricity supply, insecurity, unemployment and alleged corruption, questioning why Nigerians should continue bearing the burden of economic reforms.
Rejecting arguments that subsidy restoration could encourage smuggling and corruption, CACOBAG said the government should strengthen law enforcement rather than transfer the consequences of institutional failures to citizens.
Citing the Nigeria Police Act, 2020, and the Nigeria Customs Service Act, 2023, the group argued that relevant agencies had responsibilities to prevent crime and the illegal movement of petroleum products.
“A government that cannot stop smuggling and corruption has no business being in government,” it declared.
The coalition further argued that petrol could sell for as low as N100 per litre if corruption and inefficiencies in the petroleum sector were eliminated. It said revenues from other products obtained through crude oil refining, including diesel, kerosene, aviation fuel and liquefied petroleum gas, could help offset refining costs.
CACOBAG also criticised what it described as unequal treatment between ordinary Nigerians and political officeholders, arguing that citizens face rising costs while government officials enjoy publicly funded privileges.
“The President is not a monarch. Every Nigerian is a potential President,” the group stated.
Looking ahead to the 2027 general elections, the coalition urged Nigerians to assess candidates based on competence, integrity, accountability and commitment to public welfare rather than religious or ethnic considerations.
It also questioned whether Tinubu and his economic team should remain in office and seek another mandate.
“Would it not have been better for President Tinubu and his economic team to resign and withdraw from the 2027 general elections since they have no idea of what to do to alleviate the suffering of Nigerians?” the group asked.
CACOBAG said it could recommend Nigerians it considers capable of improving the country’s economic conditions, including reducing petrol prices to N100 per litre.
“Nigeria belongs to all of us,” the statement added.