Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, cautioned that reinstating petrol subsidies could significantly destabilize the nation’s economy. During a press briefing with the International Monetary Fund and World Bank, Oyedele stated that such a move would likely lead to capital flight as investors lose confidence. This loss of confidence is projected to exert downward pressure on the naira, potentially driving its exchange rate to between ₦3,000 and ₦4,000 per US dollar. The warning highlights the delicate economic balance Nigeria is currently navigating. The statement was first reported by Vanguard News. The potential for devaluation underscores the importance of continuing economic reforms. Oyedele’s comments serve as a stark reminder of the financial consequences linked to government policy changes regarding fuel subsidies.