President Bola Ahmed Tinubu has defended his decision to remove Nigeria’s petrol subsidy in 2023, saying the policy was necessary to prevent the country from going bankrupt.
Tinubu made the remarks on Monday during a meeting with members of the City Boys Movement in Abuja, where he explained the financial considerations behind one of the most significant economic decisions of his administration.
The president also criticised opposition politicians who have promised to restore the fuel subsidy if elected in the 2027 general elections, The News Edition reports.
According to Tinubu, Nigeria could no longer afford to sustain the subsidy because the government lacked sufficient funds to continue financing the scheme.
Tinubu Defends 2023 Fuel Subsidy Removal
Explaining his decision, Tinubu said the removal of the subsidy was necessary to protect the country’s finances and prevent a potential economic collapse.
“I came and I removed subsidy the first day, Nigeria will not go bankrupt because there is nothing left to pay subsidy,” the president said.
Tinubu also questioned promises by opposition candidates to reinstate the subsidy, referring to lessons he recalled from his religious studies.
“I listen to my political opponents promising a return to subsidy but I remember my scripture studies in either the Bible or the Holy Quran,” he added.
The president’s comments reinforce his administration’s position that continuing to fund the petrol subsidy was financially unsustainable.
Tinubu Rejects Opposition Promises to Restore Fuel Subsidy
With the 2027 presidential election approaching, Tinubu dismissed proposals by opposition politicians to bring back the fuel subsidy as part of their plans to ease the economic difficulties facing Nigerians.
The subsidy remains a major political and economic issue in Nigeria, particularly because of its impact on petrol prices, transportation costs and household spending.
While supporters of the removal argue that it reduces pressure on government finances, critics have highlighted the increased cost of living and the financial burden placed on households and businesses.
The debate over whether to maintain the current policy or restore some form of fuel subsidy is expected to remain a major issue in the lead-up to the 2027 elections.
President Promises an Ideas-Based 2027 Campaign
Tinubu also said his campaign would focus on ideas and policies intended to move Nigeria forward.
“We will campaign with ideas, original thoughts and thinking to move this country forward,” he said.
His remarks suggest that economic policy, particularly the management of fuel subsidies and public finances, could feature prominently in his campaign messaging ahead of the next presidential election.
Why Tinubu Removed Fuel Subsidy in 2023
Tinubu announced the end of the petrol subsidy during his inauguration as president in Abuja on May 29, 2023.
At the time, he argued that the subsidy primarily benefited a limited group of people and placed an unsustainable burden on government resources.
The policy change contributed to a sharp increase in petrol prices, with knock-on effects on transportation, food distribution and the cost of living across Nigeria.
Since then, the subsidy debate has remained central to discussions about the country’s economic reforms and the welfare of ordinary Nigerians.
As the 2027 elections approach, Tinubu’s defence of the policy signals that fuel subsidy removal will remain an important point of debate between the ruling party and opposition candidates.