President says Nigeria cannot reverse economic reforms as political debate over subsidy policy continues

President Bola Ahmed Tinubu has defended his administration’s removal of the petrol subsidy, declaring that he has no regrets about the decision and insisting that Nigeria will not return to the policy.

The President made the remarks at a forum titled Together Till 2027: An Evening with Original City Boy, held at the Presidential Villa in Abuja. The event was organised by the City Boy Movement in collaboration with the Relax-Tinubu-Is-Fixing-Nigeria movement.

Tinubu recalled that he announced the removal of the petrol subsidy on his first day in office on May 29, 2023. He argued that the country could no longer sustain the cost of the subsidy, which he said was placing pressure on government finances.

The President also criticised calls by political opponents to restore the subsidy, comparing such a move to asking Moses to return to Egypt after leading the Israelites out of captivity.

According to Tinubu, the economic reforms introduced by his administration were necessary to change the country’s financial direction and create a more sustainable economic future.

His comments come amid continuing political debate over the consequences of subsidy removal and the broader economic reforms introduced since 2023.

The policy has contributed to higher petrol prices, transportation costs and the cost of goods and services, placing pressure on households and businesses. While the Federal Government has defended the reforms as necessary to improve public finances and reduce economic distortions, questions remain about how the benefits of the changes will translate into improved living conditions for Nigerians.

The subsidy debate is also becoming increasingly prominent ahead of the 2027 general election, with opposition figures and supporters of the administration offering different approaches to Nigeria’s economic challenges.

Tinubu’s latest remarks reaffirm his administration’s commitment to maintaining the current policy direction rather than reversing the subsidy removal.

President Bola Tinubu says he has no regrets over petrol subsidy removal and rules out a return to the policy amid debate over economic reforms and living costs in Nigeria.