President Bola Tinubu has declared that Nigeria will not reverse the removal of fuel subsidies, saying he has no regrets over the policy and vowing the country will never return to the old system. Speaking on Monday evening at a forum organised by youth-focused movements backing his re-election bid, Tinubu recalled that he ended the subsidy on his first day in office on May 29, 2023, when he said the nation was heading for bankruptcy with no funds left to pay for subsidies. He rejected the position of African Democratic Congress presidential candidate Atiku Abubakar, who promised on August 20 that if elected, he would bring back the oil subsidy, though Atiku proposed a capped, audited production subsidy tied to domestic refining rather than a return to the old system.
Tinubu used biblical imagery to emphasise his stance, comparing the end of subsidies to the exodus of ancient Israelites from Egypt. He said: 'You cannot ask Moses to go back to Egypt' and stressed that the country was on a positive economic trajectory that should not be reversed. The president noted that China's economy was growing at between four to 4.6 per cent, and stated that Nigeria was 'on the right trajectory' and 'in good company'. He highlighted that his administration had faced difficult circumstances when he took over, including money owed to airlines threatening to cut flights to Nigeria, depleted foreign reserves and what he described as uncontrolled currency printing.
Vice President Kashim Shettima, speaking at the same event, credited the president's decisions with preventing economic collapse. He said the economy grew by 4.43 per cent in the last quarter and that foreign reserves had risen to approximately 60 billion dollars. Shettima stated that without the tough decisions taken by the administration, Nigeria's economy would have collapsed. He acknowledged that Nigerians had endured hardship but said it could have been worse, and promised that in coming weeks the president would announce robust responses to agricultural challenges and food price increases.
Tinubu also highlighted his administration's Student Loan Act, which he signed in 2023, saying he had no regrets about that policy either. He announced that more than a million students have been supported through the Nigerian Education Loan Fund. He appealed to young Nigerians to campaign for the January 16, 2027 presidential election, telling them to spread the message on university campuses, in markets and villages, and ensuring young people obtain voter cards and use them. The Presidency previously described Atiku's subsidy proposal as a return to a 'wasteful, corruption-ridden and financially burdensome' system.
For borrowers and savers in Nigeria, the continued subsidy removal means fuel prices will remain market-determined rather than government-controlled, while the Student Loan Act expansion provides access to education financing for over a million students. When the subsidy ended in May 2023, petrol pump prices rose from about 180 naira per litre to about 620 naira, and to roughly 1,200 naira about a year later, directly affecting household budgets and transport costs across the country.