President Bola Tinubu has defended his decision to remove the petrol subsidy, insisting that his administration has no plans to reverse the policy despite continued calls for its reinstatement.

President Tinubu made the remarks on Monday while addressing members of the City Boy Movement, where he likened returning to fuel subsidy to asking Moses to return to Egypt.

The President said restoring the subsidy would place further pressure on government finances and could leave the country unable to meet its obligations.

He said he was aware that some political opponents had promised Nigerians that they would bring back the subsidy, but maintained that the country could not afford to return to the previous system.

President Tinubu said the decision to remove the subsidy was taken because the government could no longer sustain the cost.

Drawing from the biblical and Quranic accounts of Moses and Musa leading the Israelites out of Egypt, president Tinubu said Nigeria must continue on its current reform path rather than return to what he described as the old economic direction.

He urged his supporters to back the government’s reforms, saying Nigeria must move forward through new ideas and deeper thinking.

Subsidy removal and Nigerians

President Tinubu removed the petrol subsidy on 29 May 2023, declaring that “fuel subsidy is gone.” The announcement immediately changed the economics of petrol consumption in Nigeria, with pump prices rising and transportation and other living costs coming under increased pressure.

The policy has remained one of the most controversial aspects of the administration’s economic reforms, particularly as Nigerians continue to grapple with the cost of living.

The debate has also intensified ahead of the 2027 general elections, with opposition figures calling for changes to the government’s approach to petrol pricing and economic policy.

FG warns against subsidy return

Earlier in October, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, warned that restoring the petrol subsidy could push pump prices to at least ₦2,000 per litre and weaken the naira to about ₦3,000 to the dollar within months.

Mr Oyedele argued that renewed subsidy payments would put additional pressure on government revenue and the wider economy.

For President Tinubu, however, the position remains clear: Nigeria will not return to the subsidy regime.