mORGANABLE Politics/Governance
Tinubu also criticised political opponents advocating the reinstatement of fuel subsidies, particularly former Vice President Atiku Abubakar, who has indicated his intention to introduce a different subsidy arrangement if elected president.
KaNo —
President Bola Tinubu has declared that his administration will never reverse the removal of petrol subsidy, insisting that the decision was necessary to rescue Nigeria from economic collapse and place the country on the path of sustainable growth.
The President, who maintained that he had no regrets over the controversial policy, likened calls for the reinstatement of fuel subsidy to asking the biblical Moses to return to Egypt after leading the Israelites out of captivity.
Tinubu made the declaration on Monday evening during 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.
The groups are mobilising political support for the President’s re-election bid ahead of the January 16, 2027, presidential election.
Addressing supporters at the event, Tinubu recalled that he announced the removal of petrol subsidy immediately after assuming office on May 29, 2023, explaining that the country was facing severe financial difficulties at the time.
“I came, and I removed the subsidy the first day,” the President said, adding that Nigeria was approaching bankruptcy, with insufficient resources to sustain subsidy payments.
He maintained that reversing the policy would undermine the economic reforms introduced by his administration and return the country to an unsustainable financial arrangement.
Tinubu also criticised political opponents advocating the reinstatement of fuel subsidies, particularly former Vice President Atiku Abubakar, who has indicated his intention to introduce a different subsidy arrangement if elected president.
Drawing an analogy from religious scriptures, Tinubu said Nigeria must demonstrate the determination to move forward despite the difficulties associated with economic reforms.
“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.
“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,” he declared.
The President argued that his administration’s economic policies were beginning to produce positive results, expressing optimism that Nigeria would experience sustained growth despite existing challenges.
He cited international economic developments as evidence that Nigeria was moving in the right direction, maintaining that the country was gradually recovering from its previous financial difficulties.
“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,” Tinubu stated.
Acknowledging the hardship experienced by Nigerians following the implementation of his administration’s reforms, the President said the past three years had been challenging but insisted that difficult decisions were necessary to secure the country’s future.
He recalled inheriting substantial financial obligations, including outstanding payments to international airlines, depleted foreign reserves and monetary challenges.
“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.
Tinubu explained that rather than concentrating on the shortcomings of previous administrations, he decided to accept responsibility for addressing the country’s economic difficulties.
He maintained that excessive borrowing could not provide a sustainable foundation for national development.
“We understood that a nation cannot borrow its way to greatness,” the President stated.
He added that critics had predicted that young Nigerians would reject his administration’s reforms because of their immediate economic consequences.
However, he described the turnout of young supporters at the gathering as evidence that the administration continued to enjoy backing among sections of the youth population.
“They were wrong. You are here,” he told the gathering.
Turning to the forthcoming presidential election, Tinubu urged young Nigerians to intensify political mobilisation across universities, markets and communities.
He particularly encouraged eligible voters to obtain their Permanent Voter Cards and participate actively in the electoral process.
“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 maintained that the election should be regarded as an opportunity for Nigerians to determine the country’s future rather than merely a contest between political candidates.
“You are not campaigning for me. You are campaigning for your own future, and that future is Renewed Hope,” he declared.
Tinubu also defended the Student Loan Act, which he signed in 2023, describing the initiative as an important intervention aimed at expanding access to tertiary education.
According to him, more than one million students have benefited from financial support through the Nigerian Education Loan Fund.
“I am very proud, once again, that when I signed the Student Loan Act, I had no regrets. Today, more than a million students have been supported through NELFUND,” he stated.
The President further commended his son, Seyi Tinubu, for mobilising young Nigerians through the City Boy Movement.
He urged him to sustain his engagement with young people and demonstrate greater commitment to public service.
Meanwhile, the removal of petrol subsidy in May 2023 triggered a sharp increase in fuel prices, with petrol rising from approximately N180 per litre to N620 before subsequently reaching about N1,200.
The development intensified concerns over transportation costs, inflation and the rising cost of living across the country.
Atiku had earlier proposed a capped and audited subsidy arrangement linked to domestic petroleum refining, maintaining that his proposal differed from the previous subsidy regime.
However, the Presidency rejected the proposal, describing the former subsidy system as financially burdensome and vulnerable to corruption.
Speaking earlier at the gathering, Vice President Kashim Shettima defended the administration’s economic policies, arguing that Nigeria could have experienced a complete economic collapse without the reforms introduced by Tinubu.
Shettima maintained that the difficult decisions had prevented a deeper financial crisis and created a foundation for economic recovery.
The Vice President also criticised opponents of the reforms, suggesting that some critics would have condemned the government from overseas had the administration failed to confront the country’s economic challenges.
