Tinubu Defends Fuel Subsidy Removal, Says He Has No Regrets Despite Economic Hardship.

Tinubu Defends Fuel Subsidy Removal, Says He Has No Regrets Despite Economic Hardship.

President Bola Ahmed Tinubu has reaffirmed his decision to remove Nigeria’s petrol subsidy, declaring that he has no regrets about the policy and ruling out a return to the subsidy regime despite continued concerns over fuel prices and the cost of living.

Tinubu made the remarks on Monday, October 19, during an engagement with supporters at an event tagged “Together Till 2027: An Evening with Original City Boy,” organised by the City Boy Movement alongside the Relax, Tinubu Is Fixing Nigeria movement at the Presidential Villa in Abuja.

Defending the decision, the president argued that the government could no longer sustain the financial burden associated with fuel subsidies, insisting that reversing the policy would undermine the economic reforms his administration has pursued since taking office in May 2023.

“I came, and I removed the subsidy the first day,” Tinubu said, maintaining that the country had reached a point where continuing the payments was no longer financially sustainable.

Tinubu Rejects Calls for Subsidy Reinstatement

The president also responded to opposition politicians advocating a return to fuel subsidies, drawing a comparison between Nigeria’s economic reforms and the biblical and Quranic account of Moses leading the Israelites out of Egypt.

Tinubu argued that Nigeria should not reverse its economic direction, describing the removal of the subsidy as a difficult but necessary decision.

“You cannot ask Moses to go back to Egypt,” he said, reiterating his administration’s determination to continue with its reform programme.

His comments come amid renewed political debate over the future of petrol subsidies as Nigeria approaches the 2027 general elections. Opposition figures have criticised the economic consequences of the reforms, while some have proposed restoring subsidies to ease the financial pressure on households and businesses.

Fuel Prices and Cost of Living Concerns Persist

Tinubu announced the removal of the petrol subsidy during his inauguration on May 29, 2023. The announcement triggered an immediate increase in petrol prices, with the effects spreading across the wider economy.

Higher fuel costs have increased transportation expenses and contributed to rising operating costs for businesses, manufacturers and service providers. For many households, the increases have also placed additional pressure on spending for food, education, healthcare and other essential needs.

Recent reporting has highlighted renewed cost of living concerns in Nigeria following further increases in petrol prices, driven partly by developments in the international oil market. The pressure has continued despite the expansion of domestic refining capacity.

The removal of the subsidy formed part of Tinubu’s broader economic reform agenda, which also included changes to Nigeria’s foreign exchange system. The government has defended these measures as necessary to improve public finances, strengthen economic stability and encourage investment.

However, the immediate costs have remained a major concern for citizens, particularly those whose incomes have not kept pace with rising prices.

Government Defends Economic Reform Agenda

Tinubu has maintained that the reforms were necessary to address longstanding economic weaknesses and place Nigeria on a more sustainable financial footing.

Vice-President Kashim Shettima has also defended the administration’s decisions, arguing that the country would have faced more serious economic difficulties without the reforms.

Government officials have pointed to economic growth and improvements in selected financial indicators as evidence that the policies are beginning to produce results.

Nevertheless, economic performance remains a subject of debate. While growth and improvements in public finances are important indicators, their benefits must also translate into better living conditions, stronger purchasing power and improved opportunities for ordinary Nigerians.

For households and businesses, the central concern remains whether the reforms will deliver meaningful relief from high operating costs and persistent financial pressure.

Subsidy Debate Takes Centre Stage Ahead of 2027 Elections

Tinubu’s latest remarks underline the political significance of fuel subsidy removal as the country moves closer to the next general elections.

The president urged young Nigerians supporting his administration to mobilise at the grassroots and encourage eligible citizens to obtain and use their Permanent Voter Cards ahead of the polls.

The engagement combined a defence of the government’s economic policies with efforts to strengthen political support among young people.

However, the debate over subsidy removal extends beyond political loyalties. It raises fundamental questions about fiscal responsibility, energy pricing, social protection and how the benefits of economic reforms should be distributed.

Supporters of subsidy removal argue that public funds previously committed to keeping petrol prices artificially low can be redirected towards infrastructure and other public services. Critics counter that the transition has imposed substantial costs on citizens and that effective relief measures are essential to protect vulnerable households.

As the administration maintains that it will not reverse the policy, public attention is likely to remain focused on fuel prices, inflation, employment opportunities and the practical impact of economic reforms on living standards.

For Tinubu, the challenge is not only to defend the decision but also to demonstrate that its long term benefits can outweigh the immediate sacrifices Nigerians have endured.