President Bola Tinubu has ruled out the possibility of returning to petrol subsidy, insisting that Nigeria cannot reverse the policy despite concerns over the rising cost of living and the economic difficulties facing citizens.
The President reportedly made his position clear while defending his administration’s decision to remove the subsidy, which he said was necessary to address longstanding economic challenges and reduce the financial burden on the Federal Government.
Tinubu used a biblical reference to explain his position, declaring, “You can’t ask Moses to go back to Egypt.”
The statement suggests that his administration remains committed to economic reforms, despite public calls for measures to reduce petrol prices and ease the hardship caused by the removal of the subsidy.
The Federal Government announced the removal of the petrol subsidy on May 29, 2023, shortly after Tinubu was sworn in as president. During his inaugural address, Tinubu declared that the subsidy was no longer sustainable because the 2023 budget did not make provision for it.
The decision led to an immediate increase in petrol prices and triggered concerns about transportation costs, food prices and the general cost of living.
Since then, the government has defended the policy, arguing that the funds previously spent on subsidising petrol could be redirected towards infrastructure, education, healthcare and other public services.
However, the policy has continued to attract criticism from opposition politicians, labour unions and other Nigerians who argue that the removal has increased economic hardship, particularly for low-income households.
Organised labour has repeatedly called for measures to cushion the effects of the policy, including improved wages, affordable transportation and other social protection programmes.
The government has introduced several measures aimed at reducing the impact of the reforms, including wage adjustments and initiatives intended to support vulnerable citizens.
Despite these interventions, many Nigerians continue to express concerns about the cost of petrol, transportation and essential commodities.
Tinubu’s latest position indicates that his administration intends to maintain the current policy direction rather than restore the subsidy.
The debate over petrol subsidy remains a major issue in Nigeria’s economic discussions, with supporters of the reform arguing that it is necessary for long-term stability, while critics insist that the government must do more to protect citizens from its immediate consequences.
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