ABUJA — Finance Minister Taiwo Oyedele says returning petrol to its pre-2023 price would cost Nigeria more than N20 trillion a year, while selling at N500 per litre would cost over N16 trillion. Speaking at a press briefing, he warned that such a move could push the exchange rate towards N3,000 to the dollar. He said removing the subsidy freed N15.8 trillion for the Federation Account between June 2023 and December 2025, of which N10.4 trillion went to states and local governments. Current relief measures include tax and duty waivers on petrol, a 30-day discount at NNPC stations and a proposed price ceiling of N1,350 per litre. He said a subsidy does not lower the cost of fuel but only changes how and when it is paid.