President Bola Tinubu has reaffirmed his decision to remove petrol subsidy, insisting that Nigeria will not return to the policy despite concerns over the economic hardship facing citizens.
Tinubu spoke on Monday at an event organised by the City Boy Movement and the Relax-Tinubu-Is-Fixing-Nigeria movement in support of his 2027 re-election bid. He said the country was facing severe financial challenges when he assumed office in May 2023, leaving the government with little capacity to sustain the subsidy regime.
The President compared reversing the policy to asking the biblical Moses to return to Egypt, maintaining that the reforms were necessary to move the country forward. He also urged young Nigerians to support his administration and mobilise voters ahead of the 2027 presidential election.
Tinubu defended his economic policies, saying the country was on the right path despite the difficulties experienced over the past three years. He also said more than one million students had benefited from the Nigerian Education Loan Fund (NELFUND).
Meanwhile, Vice President Kashim Shettima defended the administration’s economic reforms, arguing that the country could have faced a deeper economic crisis without the government’s decisions. He acknowledged that Nigerians had endured hardship but expressed optimism that planned interventions would address agricultural challenges and reduce food prices.
Tinubu’s comments come amid renewed debate over fuel subsidy following former Vice President Atiku Abubakar’s proposal to introduce a capped and audited production subsidy tied to domestic refining. The Presidency has criticised the proposal, describing it as a return to a system associated with waste and corruption.
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