Nigeria: Tinubu Overhauls Fiscal Team Amid Fuel Price Hike and Inflationary Pressures

WikiFX

| 2026-03-04 12:40

Abstract：Nigerian President Bola Tinubu has nominated tax reformer Taiwo Oyedele as Minister of State for Finance amid a major fiscal shakeup. The move comes as the NNPCL hikes fuel prices to N960/litre, exacerbating inflationary pressures despite robust Q3 VAT revenue growth.

President Bola Ahmed Tinubu has initiated a strategic cabinet reshuffle, appointing tax reform expert Taiwo Oyedele to stabilize government revenue. This shift occurs as Nigeria grapples with surging petrol prices and persistent inflationary headwinds.

In a decisive shift in fiscal policy, President Bola Ahmed Tinubu has nominated Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, as the new Minister of State for Finance, replacing Dr. Doris Uzoka-Anite. The appointment signals an aggressive move to institutionalize tax reforms and stabilize government revenue.

Inflation Risks Re-emerge

The cabinet reshuffle coincides with a sharp increase in energy costs. The Nigerian National Petroleum Company Limited (NNPCL) raised the pump price of petrol (PMS) to N960 per litre (up from N875) in Abuja, citing the surge in global crude prices linked to Middle East geopolitical tensions.

Fiscal Data

Petrol Pump Price: Increased to N960 per litre in Abuja.
VAT Collections: Rose to N2.28 trillion in Q3 2025.
Currency Pressure: Volatility affecting the Nigerian Naira (NGN).
Agency Source: National Bureau of Statistics (NBS) reporting resilient tax revenue.