President Tinubu Says Nigeria Won’t Return to Fuel Subsidy

President Bola Tinubu has defended his decision to remove the petrol subsidy, insisting that he has no regrets about the policy and that Nigeria cannot return to the regime.

Tinubu spoke on Monday at a forum titled “Together Till 2027: An Evening with Original City Boy” at the Presidential Villa in Abuja.

The event was organised by the City Boy Movement and the Relax, Tinubu Is Fixing Nigeria movement.

The President said he removed the subsidy on his first day in office because the government could no longer afford to sustain the payments.

“I came and removed subsidy on my first day. No Nigerian will go bankrupt. Yes, there was nothing left to pay for subsidy,” he said.

Tinubu compared Nigeria’s economic reforms to the biblical and Quranic account of Moses leading his people out of Egypt, insisting that the country must not return to its previous economic situation.

“You cannot ask Moses to go back to Egypt. We wake up with ideas, original thoughts and deep thinking to move this country forward. With your energy and support, we will never go back to Egypt,” he added.

Acknowledging the economic difficulties Nigerians have faced over the past three years, Tinubu maintained that the reforms were necessary to strengthen the economy.

He also expressed confidence that Nigeria was making progress, urging young people to support his administration and participate actively in the 2027 general election by collecting and using their Permanent Voter Cards.

Vice President Kashim Shettima also defended the reforms, arguing that the economy could have collapsed without the President’s decisions.

Shettima said the economy grew by 4.43 per cent in the last quarter, while the country’s foreign reserves were approaching $60bn.

Although he acknowledged the hardship experienced by Nigerians, the Vice President maintained that the situation could have been worse without the reforms.

Tinubu announced the removal of the petrol subsidy on May 29, 2023, shortly after assuming office. The decision led to a sharp increase in petrol prices, placing additional financial pressure on households and businesses.

The policy remains a major subject of debate over Nigeria’s economic direction as the country approaches the 2027 general election.