President Bola Tinubu has reiterated that there will be no return to the fuel subsidy regime, insisting that his administration took a bold and necessary step to reform Nigeria’s economy.
The president spoke on Monday during a meeting with the City Boy Movement, a youth-driven political and advocacy group founded to champion 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. I could listen to my political opponents promising a return to subsidy,” he said.
Drawing a religious analogy, the president added: “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 former Lagos State Governor commended the organisation for drumming up support for his administration and urged its members to take his government’s achievements to the grassroots.
“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.
“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 said.
President Tinubu announced the end of fuel subsidy during his inauguration in May 2023.
The policy shift triggered an immediate increase in petrol pump prices, which rose from below ₦200 per litre to prevailing rates of between ₦1,350 and ₦1,405 per litre across major filling stations.
While the policy has attracted widespread criticism over the resulting increase in the cost of living, the president has remained firm in his position against reinstating the subsidy.
The federal government maintains that the decision is essential to resetting the national economy, while assuring citizens that the initial economic hardship will ease over time.
