President Bola Tinubu has ruled out a return to fuel subsidy, insisting that its removal was a necessary step to prevent Nigeria’s economy from collapsing.
Tinubu made the remarks on Monday during a meeting with members of the City Boy Movement, a youth-driven political and advocacy group established to promote his administration’s agenda.
“I came, and I removed the subsidy on my first day. Nigeria would have gone bankrupt; there was nothing left to pay for subsidies,” the president said.
He criticised opposition politicians advocating a return to the subsidy regime, saying his administration would not reverse the policy.
Drawing an analogy from religious scriptures, Tinubu said, “I remember my scripture studies, both in the Bible and the Holy Quran. When Moses (Musa) left Egypt, the Red Sea parted and gave way. You cannot ask Moses to go back to Egypt. With your energy and support, we will never go back to Egypt.”
The president commended the City Boy Movement for mobilising support for his administration and urged its members to take the government’s achievements and plans to communities across the country.
“Those of you who are lucky to work with me have given me all the answers needed and the confidence required to see the coming election as a simple matter,” Tinubu said.
He encouraged members to engage young people in schools, markets and rural communities, stressing the importance of voter participation ahead of the next election.
“You will go to your campuses, your markets, and your villages. Make sure every young person you know has a PVC and uses it. Tell them what we have done and tell them what we will do. Campaign with your ideas,” he added.
Tinubu announced the removal of the petrol subsidy during his inauguration on May 29, 2023, triggering an immediate increase in pump prices.
Since then, petrol prices have risen significantly, with major filling stations reportedly selling the product at between ₦1,350 and ₦1,405 per litre.
The policy has attracted widespread criticism amid rising living costs and mounting pressure on households and businesses. However, the federal government has consistently defended the decision, arguing that it is necessary to stabilise public finances, redirect government spending and reform the economy.
The administration has maintained that the initial economic difficulties associated with the reforms will ease over time as the benefits of its policies become more evident.
