No Return to Petrol Subsidy - Tinubu

President Bola Tinubu has defended his decision to remove the petrol subsidy, saying he has no regrets and that Nigeria cannot return to the policy.

Tinubu spoke on Monday at a forum titled “Together Till 2027: An Evening with Original City Boy” at the Presidential Villa in Abuja. The event was organised by the City Boy Movement and the Relax, Tinubu Is Fixing Nigeria movement.

“I came and removed subsidy on my first day.

"No Nigerian will go bankrupt.

"Yes, there was nothing left to pay for subsidy,” the president said.

He compared Nigeria’s economic reforms to the biblical and Quranic account of Moses leading his people out of Egypt, saying the country must not return to its past.

“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 and support, we will never go back to Egypt,” Tinubu said.

He acknowledged that the past three years had been difficult but insisted that the reforms were necessary to improve the economy.

Tinubu also said Nigeria’s economy was growing steadily and that the country was moving in the right direction.

He urged young Nigerians to support his administration and ensure they collected and used their Permanent Voter Cards ahead of the 2027 general election.

Vice President Kashim Shettima defended the reforms, saying the economy could have collapsed without the president’s decisions.

Shettima said the economy grew by 4.43% in the last quarter and that the country’s foreign reserves were approaching $60 billion.

He admitted that Nigerians had endured hardship but said the situation could have been worse without the reforms.

Tinubu ended the fuel subsidy regime on May 29, 2023, shortly after taking office.

The decision triggered a sharp rise in petrol prices and increased pressure on households and businesses.

The policy remains a major issue in the debate over the country’s economic direction ahead of the 2027 elections.