President Bola Tinubu has ruled out restoring petrol subsidy, insisting that his administration will not reverse the policy despite growing political debate over its impact on Nigerians and calls by opposition figures for an alternative approach.
Speaking on Monday at a political gathering in Abuja, Tinubu said he had no regrets about removing the subsidy on his first day in office, arguing that the country could no longer sustain the financial burden of the previous arrangement.
The President made the remarks at an event titled Together till 2027: An Evening with Original City Boy, organised by the City Boy Movement in collaboration with the Relax-Tinubu-Is-Fixing-Nigeria movement. The gathering also served as a platform for mobilising youth support ahead of the 2027 general election.
Using a biblical analogy, Tinubu likened calls for a return to fuel subsidy to asking Moses to return to Egypt after leading the Israelites out. He maintained that Nigeria must continue along its current economic path rather than reverse decisions his administration considers necessary for long-term stability.
Tinubu said that when he assumed office on May 29, 2023, the country faced serious financial challenges and could no longer afford the cost of maintaining the subsidy regime. He argued that the government had to make difficult choices to change the direction of the economy.
The President acknowledged that the past three years had not been easy for Nigerians but insisted that the reforms were intended to put the country on a more sustainable footing. He also expressed confidence in the economy’s direction, saying growth was steady and that the country could build a more secure future if the reforms were sustained.
However, the debate over subsidy removal remains closely tied to the cost of living. The end of the subsidy contributed to a sharp increase in petrol prices, with consequences for transport fares, food distribution and the cost of goods and services. Households and businesses have continued to face pressure from elevated living expenses.
The policy has also become a major issue in the emerging political contest ahead of the 2027 election. Former Vice-President Atiku Abubakar has proposed restoring a form of fuel subsidy, although he has described his approach as a capped and audited production subsidy linked to domestic refining rather than a return to the previous system.
Tinubu’s latest comments signal that his administration is unwilling to adopt that proposal. The disagreement has placed economic policy at the centre of political debate, with questions about the cost of government support, the burden on consumers and the long-term effects of subsidy arrangements likely to remain prominent.
The President also defended the wider reform agenda, arguing that Nigeria could not borrow its way to prosperity. He said his administration had accepted responsibility for the country’s inherited financial obligations and was pursuing changes intended to strengthen public finances.
At the event, Tinubu highlighted the Nigerian Education Loan Fund, saying more than one million students had received support through the programme. He maintained that young Nigerians should be active participants in shaping the country’s future and urged them to obtain their Permanent Voter Cards and take part in the electoral process.
Vice-President Kashim Shettima also defended the administration’s economic decisions, arguing that the country would have faced a worse situation without the reforms. He acknowledged the hardship Nigerians had experienced but maintained that the measures were necessary to reposition the economy.
The Federal Government’s position has nevertheless attracted criticism from those who argue that the benefits of reform have not sufficiently eased the burden on ordinary citizens. The debate centres on whether the current policy framework can deliver meaningful improvements in household welfare while maintaining fiscal stability.
Tinubu’s refusal to reconsider petrol subsidy therefore sets out a clear position as political discussions intensify ahead of the next election: his administration intends to maintain the policy, while opponents continue to press for alternatives. The central question for Nigerians remains how the economic changes will translate into lower living costs, stronger purchasing power and improved living conditions.