President says Nigeria cannot afford to return to subsidy regime as debate over economic reforms continues

President Bola Ahmed Tinubu has declared that he has no regrets over the removal of petrol subsidy, insisting that Nigeria will not return to the policy despite calls by some opposition politicians for its restoration.

The President made the remarks on Monday, October 19, 2026, while addressing members of the City Boy Movement at an event in Abuja.

Tinubu defended the decision, which he announced on his first day in office in May 2023, arguing that the country could no longer sustain the financial burden of paying fuel subsidies.

According to the President, Nigeria was facing the risk of bankruptcy when his administration assumed office, leaving the government with limited capacity to continue financing the subsidy.

“I came, and I removed the subsidy the first day,” Tinubu said, maintaining that reversing the decision would take the country back to an unsustainable economic path.

Tinubu Rejects Calls for Subsidy Restoration

The President also dismissed proposals by political opponents to restore the subsidy, using a biblical and Quranic reference to illustrate his position that the country should not return to its previous economic policies.

He likened calls for a reversal to asking Moses to return to Egypt after leading the Israelites out of captivity.

Tinubu maintained that his administration would continue with its economic reforms, expressing confidence that the country would eventually benefit from the decisions taken.

He also urged supporters at the gathering to mobilise ahead of the 2027 general elections.

Fuel Subsidy Removal and Its Impact on Nigerians

The removal of fuel subsidy in 2023 led to a sharp increase in petrol prices, contributing to higher transportation and living costs for households and businesses.

The policy has remained a subject of public debate, with supporters arguing that it reduces the government’s subsidy expenditure and frees up public resources, while critics have called for measures to ease the financial pressure on Nigerians.

Tinubu’s latest comments reaffirm his administration’s position against restoring the subsidy.

The debate over the policy is likely to remain central to discussions about the economy, the cost of living and the direction of government reforms ahead of the 2027 elections.

Source: Channels Television; The Guardian Nigeria, October 19–20, 2026