Nigeria rejects fuel subsidy return, warns of N20trn annual cost and N3,000/USD exchange rate

Nigeria's government has firmly rejected calls to reinstate petrol subsidies, citing an annual cost exceeding N20 trillion and potential exchange rate depreciation to N3,000/USD and petrol prices above N2,000 per litre. This reaffirms the administration's commitment to the 2023 subsidy removal, despite domestic pressure. The warning underscores fiscal and inflationary risks if policy were reversed, but the current stance signals continuity.