Taiwo Oyedele

The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, says Nigeria could have faced inflation of up to 1,000 percent without the economic reforms introduced by President Bola Tinubu’s administration.

The government said the discount was a commercial decision by NNPC Retail Limited to reduce its retail profit margin and pass the savings to consumers, rather than an arrangement requiring taxpayers’ money to keep petrol prices artificially low.

Finance Minister and Coordinating Minister of the Economy, Taiwo Oyedele, outlined the plan on Thursday, October 8, at the World Bank’s Nigeria Development Update launch in Abuja.

Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, disclosed this on Thursday, while addressing a press conference in Abuja on the rising cost of petrol and renewed questions over the fuel subsidy regime.

The measure is contained in the Nigeria Tax Administration (Interest on Late Payment of Tax) Order, 2026, issued by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, under Section 65 of the Nigeria Tax Administration Act, 2025.

Oyedele gave the charge during his first Board meeting at the Customs headquarters in Abuja since becoming Chairman of the NCS Board.

The Federal Ministry of Finance, in a public notice on Friday, said the call was aimed at obtaining practical and evidence-based legislative and regulatory recommendations that would strengthen the country’s fiscal framework, improve the business and investment environment, and support sustainable economic growth.

President Bola Ahmed Tinubu has directed Finance Minister Taiwo Oyedele to present ‘The Reforms Scorecard’, detailing the economic impact of administration policies since 2023. Official figures show fuel subsidy removal and currency unification generated ₦15.8 trillion in additional...

Nigeria mobilised ₦15.8 trillion from petrol subsidy savings between June 2023 and December 2025, according to Finance Minister Taiwo Oyedele. The Federal Government received ₦5.4 trillion, while ₦10.4 trillion was shared among states and local governments. Oyedele said...

Federal Government fixes a mid-August deadline for the payment of outstanding wage awards, assuring eligible public servants that disbursement will begin once the final release of funds is concluded. Promotion arrears move into payment stage as the government...