President Bola Tinubu has ruled out a return to the petrol subsidy regime, declaring that he has no regrets over its removal and likening calls for its restoration to asking the biblical Moses to return to Egypt after leading the Israelites out of bondage.
The President, who defended the economic reforms introduced by his administration, insisted that Nigeria could not afford to reverse decisions he described as necessary to rescue the country from impending financial collapse.
Tinubu spoke on Monday evening at a political gathering tagged “Together Till 2027: An Evening with Original City Boy,” organised by the City Boy Movement in collaboration with the Relax-Tinubu-Is-Fixing-Nigeria movement, both of which support his re-election bid.
His remarks came amid renewed debate over petrol subsidy policy following a proposal by former Vice President and African Democratic Congress presidential candidate, Atiku Abubakar, to introduce a capped and audited subsidy arrangement linked to domestic refining.
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Recalling his inauguration on May 29, 2023, Tinubu said he had little choice but to terminate the subsidy regime because of the country’s deteriorating financial position.
“I came, and I removed the subsidy the first day,” he said, maintaining that Nigeria was heading towards bankruptcy and had virtually exhausted the resources required to sustain subsidy payments.
Drawing an analogy from the biblical account of the Israelites’ departure from Egypt, the President dismissed suggestions that his administration should reverse the policy.
“I could listen to my political opponents promising a return to subsidy. Most of all, sometimes I remember my scripture studies, both the Bible and the Holy Quran. When Moses left Egypt, they faced the challenge, and the Red Sea parted and gave way,” he stated.
“You cannot ask Moses to go back to Egypt. We wake up with ideas, original thoughts, and deep thinking to move this country forward. With your energy, your support, Nigeria will never go back to Egypt. No regrets.”
Tinubu maintained that his administration had taken difficult but necessary decisions to reposition the economy, expressing confidence that the reforms would deliver long-term benefits.
He acknowledged that Nigerians had experienced considerable hardship over the past three years but argued that the country was beginning to record improvements in its economic performance.
The President cited China’s reported economic growth of approximately 4.6 per cent as part of his argument that Nigeria was moving in a positive direction.
“We are on the right trajectory. We are in good company. The economy is growing steadily. You will have a future, a future to believe in,” he declared.
Tinubu also recalled the economic challenges he said his administration inherited, including outstanding obligations to international airlines, depleted foreign reserves and excessive monetary financing.
“We owed money to airlines. They were almost cutting their flights to Nigeria. Our foreign reserve was nothing. We printed currencies as if there were no tomorrow,” he said.
According to him, rather than continue blaming previous administrations, he chose to accept responsibility for addressing the country’s economic difficulties.
“We understood that a nation cannot borrow its way to greatness,” the President stated.
He said critics had predicted that young Nigerians would reject his administration because of the economic reforms, but maintained that the turnout at the gathering demonstrated continued support among the youths present.
“They were wrong. You are here,” he told participants.
The President’s renewed rejection of petrol subsidy comes against the backdrop of a sharp increase in fuel prices since his inauguration.
Petrol, which sold for approximately ₦180 per litre before the subsidy removal announcement in May 2023, rose to about ₦620 per litre afterwards and subsequently reached approximately ₦1,200 per litre in the following year, according to the figures cited in the report.
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The increases contributed to higher transportation and production costs, intensifying public debate over the economic and social consequences of the policy.
Atiku, in an English translation of a Hausa-language interview on August 20, had declared that he would restore an oil subsidy if elected President.
“If elected, I will bring back the oil subsidy,” he said.
However, the former Vice President subsequently explained that his proposal involved a capped, audited production subsidy tied to domestic refining rather than a wholesale restoration of the previous petrol subsidy arrangement.
The Presidency rejected the proposal, describing it as a return to a system it considered wasteful, susceptible to corruption and financially burdensome.
The competing positions have brought renewed attention to the distinction between the previous petrol import subsidy regime and proposals for targeted support to domestic petroleum production and refining.
Meanwhile, Tinubu used Monday’s gathering to urge young Nigerians to participate actively in the January 16, 2027, presidential election.
He encouraged supporters to take his administration’s message to universities, markets and communities while promoting voter registration and participation.
“Make sure every young person you know has a PVC and use it. Tell them what we have done, and tell them what we will do. Campaign with your ideas,” he said.
The President also sought to reassure members of the City Boy Movement that their contributions would not be overlooked, describing young Nigerians as central to the country’s future.
“The future of this country does not belong to me, and it does not belong to my generation. It belongs to you,” he stated.
Tinubu further defended the Students Loan Act, which he signed in 2023, saying he remained satisfied with the initiative and its contribution to expanding access to tertiary education.
“I am very proud, once again, that when I signed the Student Loan Act, I had no regrets,” he said.
According to the President, more than one million students had benefited from support provided through the Nigerian Education Loan Fund (NELFUND).
He maintained that his administration would continue pursuing its economic and social policies, insisting that the country should not reverse reforms he believed were essential to its long-term development.
