President Bola Tinubu has ruled out reinstating petrol subsidy, insisting that his administration’s decision to scrap the policy was necessary to prevent Nigeria from sliding into financial crisis.
Tinubu made the declaration on Monday at an event organised by the City Boy Movement in Abuja, where he defended his economic reforms and urged young Nigerians to support his administration ahead of the 2027 general elections.
The President said he had no regrets about removing the subsidy on his first day in office in May 2023, arguing that the country could no longer sustain the cost of the programme.
According to him, Nigeria was facing serious financial challenges when he assumed office, leaving the government with limited capacity to continue funding the subsidy.
Tinubu likened calls for its reinstatement to asking the biblical Moses to return to Egypt after leading the Israelites out of captivity.
He maintained that reversing the policy would undermine the direction of his administration’s economic reforms.
“We wake up with ideas, original thoughts, and deep thinking to move this country forward,” the President said, urging supporters to remain committed to his government’s agenda.
Tinubu also defended the broader economic measures introduced by his administration, expressing confidence that the economy was growing steadily and that Nigerians would eventually benefit from the reforms.
He acknowledged that the past three years had involved difficult decisions but insisted that the government had taken responsibility for addressing the country’s economic challenges rather than continuing unsustainable spending.
The President further defended the Students Loan Act, which he signed in 2023, saying he had no regrets about the initiative. He stated that more than one million students had received support through the Nigerian Education Loan Fund (NELFUND).
Tinubu urged young supporters to take his administration’s message to campuses, markets and communities, encouraging eligible voters to obtain their Permanent Voter Cards and participate in the 2027 elections.
His remarks come amid renewed debate over fuel subsidy following former Vice-President Atiku Abubakar’s proposal to restore a form of subsidy if elected president.
Despite the public debate surrounding the policy, Tinubu has maintained that his administration will not reverse course, insisting that the country must continue with its economic reform programme.
