Fuel subsidy return could push petrol to ₦2,000/litre — Oyedele

The Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, has warned that a return to fuel subsidy could push the price of petrol to about ₦2,000 per litre and weaken the naira to as much as ₦3,000 to the dollar. He gave the warning while briefing journalists on the ongoing debate over fuel subsidy in Abuja on Thursday. According to the minister, the reintroduction of subsidy could reduce government revenue and place additional pressure on the country’s finances and foreign exchange market. He said weaker government revenue could affect the country’s credit rating, increase borrowing costs and contribute to capital outflows, which could also reduce foreign exchange reserves and weaken the naira.

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