President Bola Tinubu has defended the removal of Nigeria’s petrol subsidy, saying the decision was necessary to prevent the country from going bankrupt amid limited government resources.
Tinubu made the remarks on Monday during a meeting with members of the City Boys Movement in Abuja, where he also criticised opposition presidential hopefuls proposing to reinstate the subsidy ahead of the 2027 general election.
Explaining his decision to end the policy on his first day in office in May 2023, the president said the government could no longer sustain the financial burden associated with subsidy payments.
“I came and I removed subsidy the first day, Nigeria will not go bankrupt because there is nothing left to pay subsidy.
“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.”
The president said his re-election campaign would focus on presenting practical ideas and policies aimed at advancing the country rather than making promises without clear direction.
“We will campaign with ideas, original thoughts and thinking to move this country forward,” he added.
Tinubu announced the end of the petrol subsidy regime during his inauguration on May 29, 2023, arguing that the arrangement disproportionately benefited a limited number of Nigerians.
The policy has since remained a major point of debate, with rising living costs and economic pressures fuelling public concerns over its impact on households and businesses.
As political parties prepare for the 2027 presidential election, opposition figures have proposed restoring the subsidy as part of broader plans to ease economic hardship, setting up a renewed contest over the policy’s fiscal implications and its effects on Nigerians.
Leave feedback about this