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Fuel Subsidy Gone For Good – Tinubu Rules Out Return, Says Nigeria Won’t Go Back To Egypt
Fuel Subsidy Gone For Good – Tinubu Rules Out Return, Says Nigeria Won’t Go Back To Egypt
President Bola Tinubu has foreclosed any return to petrol subsidy, insisting that Nigeria will not reverse the economic reforms introduced by his administration since May 2023.
Tinubu likened restoring the subsidy to Moses returning to Egypt after crossing the Red Sea, dismissing promises by political opponents to bring back the scheme.
The President defended his economic policies, saying his administration inherited severe fiscal pressures, structural weaknesses and excessive currency printing that demanded difficult reforms.
Tinubu also rallied young Nigerians behind his administration, highlighted NELFUND, CREDICORP and 3MTT, and urged youth support groups to sustain peaceful grassroots mobilisation ahead of the 2027 elections.
October 20, () – President Bola Tinubu has shut the door on any return to petrol subsidy, declaring that Nigeria will not reverse one of the most consequential economic decisions of his administration despite continuing concerns over its impact on the cost of living.
Speaking at a special engagement, “An Evening with the Original City Boy”, at the State House Conference Centre, Abuja, Tinubu said the country had moved beyond the subsidy era and must remain committed to the economic reforms introduced since he assumed office in May 2023.
The President, who announced the removal of petrol subsidy during his inauguration on May 29, 2023, likened calls for its restoration to asking Moses, or Musa, to return to Egypt after crossing the Red Sea.
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“I remember my scripture studies, both in the Bible and in the Holy Quran. When Moses and Musa left Egypt, they faced a challenge, and the Red Sea parted and gave way. You cannot ask Moses to go back to Egypt”, he said.
Tinubu said promises by some of his political opponents to restore petrol subsidy would not force his administration to abandon the policy, insisting that the country’s economic interest must take precedence over electoral considerations.
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“I removed the fuel subsidy on my first day in office. Nigeria will not go back to that era. I hear my political opponents promising a return to the subsidy regime, but Nigeria must win this election before any candidate does”, he stated.
The President also ruled out reversing other economic reforms undertaken by his administration, maintaining that the measures were necessary to address longstanding structural and fiscal problems.
According to him, the government he inherited faced serious economic difficulties, including excessive currency printing, fiscal pressures and weaknesses in the country’s tax and monetary systems.
“Currency was being printed as if there was no tomorrow. That was a challenge, but rather than looking back, we took steps to address it and rebuild our tax system”, Tinubu noted.
He maintained that reforms in taxation, monetary management and other critical sectors were intended to reposition the economy, despite the hardship associated with their implementation.
Tinubu also acknowledged the economic sacrifices made by Nigerians, particularly young people, saying their continued engagement with his administration had strengthened his confidence in the reform programme.
“You understood that a nation cannot borrow its way to greatness. You were patient when patience was hard. You defended this administration in the markets, on campuses, in the motor parks, and on social media, often when it was unpopular to do so. I saw it. I noticed. And I will never forget it”, he told the gathering.
The President commended youth support groups, including the City Boy Movement and Relax, Tinubu Is Fixing Nigeria, for promoting his administration’s policies and building grassroots structures across the country.
He also praised young members of the ruling All Progressives Congress, led by the party’s National Youth Leader, Dayo Israel, for their involvement in grassroots mobilisation.
“I did not see a crowd. I saw Nigeria”, Tinubu said, adding that the gathering reminded him of the reasons he sought the presidency and his responsibility to pursue national development.
The President particularly commended the City Boy Movement for developing what he described as an extensive grassroots structure spanning states, local government areas, wards and polling units.
He cited the group’s membership database, call centre, communication platforms and community outreach programme, City Boys Care, as examples of organised youth participation in Politics.
“To the City Boy Movement, you have done something new in Nigerian Politics. You did not just gather people. You built a structure. Millions of real, verifiable members. A presence in every state, every local government, every ward, down to the polling unit”, Tinubu said.
The Director-General of the City Boy Movement, Francis Oluwatosin Shoga, said the organisation had registered 4.8 million members in its database and would continue mobilising support for the administration.
“We are not just raising members; we are building leaders. Wherever we find young Nigerians, we will carry the message of renewed hope”, Shoga stated.
The Director-General of Relax, Tinubu Is Fixing Nigeria, Ahmed Bala, also pledged that the group would mobilise 10 million votes for Tinubu’s re-election, saying the administration’s reforms had placed the country on the right trajectory.
Tinubu, meanwhile, highlighted some of his administration’s youth-focused programmes, including the Nigerian Education Loan Fund, NELFUND; the Nigerian Consumer Credit Corporation, CREDICORP; and the Three Million Technical Talent, 3MTT, programme.
He said NELFUND had supported more than one million students, while CREDICORP was expanding access to consumer credit for Nigerians seeking to acquire essential assets.
According to him, the 3MTT programme was also designed to equip young Nigerians with digital skills required to compete in the global technology economy.
The President pledged to appoint more qualified young Nigerians to positions of responsibility, saying those who would live with the consequences of today’s policy decisions deserved opportunities to participate in shaping them.
Tinubu also addressed his son, Seyi Tinubu, Patron of the City Boy Movement, urging him to deepen his commitment to public service and responsible leadership.
“My son, Seyi, you have only started. Do more. Go further. Serve harder. Set an example that your own children, my grandchildren, will be proud to follow. Nigerians are watching, and they should know that serving your country is the highest honour”, he said.
Vice President Kashim Shettima, who spoke at the event, said Tinubu’s decision to confront longstanding economic problems had prevented the country from sliding into a deeper crisis.
Shettima acknowledged the pressure Nigerians had endured as a result of the reforms but said the sacrifices would ultimately translate into improved livelihoods, greater opportunities and better living conditions.
The Speaker of the House of Representatives, Tajudeen Abbas, commended the City Boy Movement for its organisation and grassroots mobilisation, while Deputy Senate President Jibrin Barau praised its deployment of technology and artificial intelligence to gather data and drive political mobilisation.
The Minister of Youth Development, Ayodele Olawande, also commended Tinubu for what he described as the President’s longstanding commitment to youth development and mentorship.
Tinubu urged his supporters to maintain peaceful and lawful political engagement, mobilise eligible voters and encourage Nigerians to obtain and use their Permanent Voter Cards ahead of the elections.
He stressed that political participation should be driven by ideas, constructive engagement and peaceful mobilisation rather than violence.
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