President Bola Tinubu has declared that he has no regrets over the removal of Nigeria’s petrol subsidy, insisting that his administration will not return to the policy.
The President made the remarks on Monday, October 19, 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 alongside the Relax-Tinubu-Is-Fixing-Nigeria movement.
Tinubu defended his decision to end the subsidy on his first day in office on May 29, 2023, arguing that the Federal Government could no longer afford the cost of maintaining the scheme.
“I came, and I removed the subsidy the first day,” the President said, adding that Nigeria had been heading towards bankruptcy and that there was little money left to sustain the payments.
Using a biblical analogy, Tinubu compared calls to restore the subsidy to asking Moses to return to Egypt after leading the Israelites out of the country.
He said Nigeria must continue moving forward with its economic reforms rather than reverse the decision.
The President also criticised political opponents who have proposed restoring fuel subsidies if elected in 2027. Former Vice-President Atiku Abubakar has advocated a return to subsidy, although he has described his proposal as a capped and audited production subsidy linked to domestic refining rather than a simple restoration of the previous arrangement.
Tinubu maintained that his administration’s reforms were necessary to reposition the economy. He acknowledged that the country had faced difficult decisions over the past three years but argued that Nigeria could not borrow its way to lasting prosperity.
The removal of petrol subsidy in May 2023 triggered a sharp increase in fuel prices, raising transportation costs and contributing to the financial pressure experienced by households and businesses.
The policy has remained a major subject of public debate, with supporters arguing that it reduces the government’s financial burden and frees resources for other priorities. Critics, however, have raised concerns about the cost of living and the effects of higher fuel prices on ordinary Nigerians.
Tinubu’s latest comments signal that his administration intends to maintain its position on the policy despite calls from some opposition figures for a different approach.
The debate over fuel subsidy is expected to remain prominent as political parties and presidential contenders present their economic plans ahead of Nigeria’s 2027 general election.