Tinubu Rejects Calls to Restore Fuel Subsidy, Defends Economic Reforms

President Bola Tinubu has ruled out any return to Nigeria’s petrol subsidy regime, insisting that he has no regrets over the decision to end the policy in May 2023.

The President restated his position on Monday at a political gathering in support of his re-election bid in 2027, organised by the City Boy Movement alongside the Relax-Tinubu-Is-Fixing-Nigeria movement.

According to Tinubu, the government could no longer sustain the cost of subsidising petrol without putting the country’s finances at greater risk.

He compared calls to restore the subsidy to asking Moses to return to Egypt after leading the Israelites out of captivity, arguing that Nigeria must continue on its chosen path of economic reform.

Tinubu also criticised opposition politicians who have promised to reconsider fuel subsidy if elected in 2027, maintaining that the country needs fresh ideas and policies capable of driving economic progress.

The President acknowledged that the past three years had involved difficult decisions. However, he argued that his administration had inherited serious financial challenges, including mounting obligations and pressure on the country’s foreign reserves.

He urged young Nigerians to obtain their Permanent Voter Cards (PVCs) and participate actively in the forthcoming presidential election, encouraging supporters to take the administration’s message to campuses, markets and rural communities.

Tinubu also defended the Students Loan Act, saying more than one million students had benefited from support provided through the Nigerian Education Loan Fund (NELFUND).

Speaking at the event, Vice-President Kashim Shettima argued that the administration’s economic decisions had helped prevent a deeper financial crisis.

Shettima cited improved economic growth and rising foreign reserves as signs of progress, while acknowledging that Nigerians had experienced significant hardship.

He expressed optimism that further government measures would help address agricultural challenges and bring down food prices.

Meanwhile, the debate over fuel subsidy has become a major issue ahead of the 2027 election, with opposition figures proposing different approaches to reducing petrol costs and easing the burden on Nigerians.

Former Vice-President Atiku Abubakar, the African Democratic Congress presidential candidate, has advocated restoring a form of fuel subsidy, proposing a capped and audited arrangement linked to domestic refining rather than a return to the previous system.

The Tinubu administration, however, maintains that reviving the old subsidy structure would place an unsustainable burden on public finances.