President Bola Tinubu has ruled out the possibility of restoring petrol subsidy, insisting that Nigeria will not return to the policy he abolished when he assumed office in May 2023.
The President stated this on Monday evening, October 19, 2026, during an event titled Together Till 2027, An Evening with Original City Boy, organised by the City Boy Movement alongside the Relax-Tinubu-Is-Fixing-Nigeria movement.
According to a report by PUNCH, Tinubu defended his decision to remove the subsidy, saying the country faced serious financial challenges when he became president.
He maintained that the government could no longer sustain the subsidy payments, arguing that the country was heading towards bankruptcy and lacked sufficient funds to continue financing the arrangement.
Tinubu said he had no regrets about the decision, which was announced during his inauguration on May 29, 2023.
The President compared calls for the restoration of petrol subsidy to asking the biblical Moses to return to Egypt after leading the Israelites out of captivity.
He said his administration had taken difficult decisions to address Nigeria’s economic challenges and would not reverse the reforms.
According to him, Nigeria must continue moving forward rather than return to policies that his administration considers financially unsustainable.
Tinubu also urged young Nigerians to obtain their Permanent Voter Cards and participate in the 2027 general elections.
He encouraged supporters to communicate the administration’s policies and plans to people in their communities, markets and educational institutions.
The President maintained that the country’s future depended on the ability of its citizens to support ideas and policies aimed at national development.
He also defended the Students Loan Act, which he signed into law in 2023, stating that more than one million students had received support through the Nigerian Education Loan Fund.
Tinubu’s comments come amid renewed debate over petrol subsidy following proposals by opposition politicians to introduce measures aimed at reducing fuel prices.
Former Vice President Atiku Abubakar has promised to restore petrol subsidy if elected president in 2027. However, he has proposed a capped and audited production subsidy linked to domestic refining rather than simply returning to the previous system.
Peter Obi has also expressed support for restoring subsidy after addressing corruption, while other political figures have proposed alternative approaches to reducing petrol prices.
The Presidency has criticised proposals to restore the subsidy, describing the previous arrangement as wasteful and financially burdensome.
Meanwhile, Vice President Kashim Shettima defended Tinubu’s economic reforms at the event, arguing that the decisions taken by the administration had helped reposition the Nigerian economy.
The debate over fuel subsidy remains a significant issue ahead of the 2027 elections, as Nigerians continue to contend with petrol prices and the wider cost of living.
Tinubu’s latest remarks indicate that his administration intends to maintain its position against restoring the former petrol subsidy system.
ALSO READ:https://vistaonenews.com/2026/10/05/subsidy-removal-how-we-spent-500m-fg/
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