Tinubu Rules Out Return to Fuel Subsidy, Defends Economic Reforms

President Bola Ahmed Tinubu has ruled out any return to Nigeria’s petrol subsidy regime, urging Nigerians to reject calls for the reversal of his administration’s economic reforms.

Tinubu made the declaration on Thursday in his Independence Day address to Nigerians as the country marked its 66th anniversary, while defending the policies implemented since he assumed office in 2023.

The President acknowledged that the reforms had been difficult and that they had produced significant economic pressures for citizens.

However, he argued that the measures were necessary to address longstanding structural problems in the Nigerian economy rather than continue policies that only treated their symptoms.

“Our reforms did not create the weaknesses in our economy. They confronted them,” Tinubu said.

President Warns Against Reversal of Reforms

Tinubu also criticised calls by what he described as “certain influential but regressive voices” for the government to abandon the reforms and return to subsidy arrangements.

He urged Nigerians to remember the reasons behind the reforms and consider the progress recorded since their implementation.

“Now, as certain influential but regressive voices would have us abandon the treatment and return ourselves to the abuse of addictive subsidies, we must resist their siren song,” he said.

“We must remember why we began this journey and how far we have already come.”

The President compared Nigeria’s pre-reform economy to a patient suffering from cancer, saying previous administrations had often attempted to reduce the immediate pain without tackling the underlying problems.

“Nigeria was like a sick patient who receives the terrible news that he has cancer,” Tinubu said.

According to him, the patient could either undergo the difficult treatment required to confront the disease or rely on medication that merely suppresses the pain while allowing the underlying condition to worsen.

“For too long, Nigeria’s leaders chose morphine while praying for a miracle that never came,” he added.

Tinubu Highlights Economic Gains

While defending his administration’s economic policies, Tinubu cited what he described as improvements in Nigeria’s economic outlook.

He said the economy was projected to grow by more than four per cent in 2026, with both the oil and non-oil sectors contributing to the expansion.

The President also claimed that oil theft had declined, inflation had dropped substantially from its previous peak, foreign reserves had been rebuilt and conditions in the foreign exchange market had become more stable.

Tinubu further disclosed that Nigeria generated more than $6 billion in non-oil export revenue in 2025, describing the figure as the highest recorded in the country’s history.

“These are not idle claims. International observers, journalists, NGOs and multilateral institutions can see the change,” he said.

He added that the private sector had responded positively to the reforms and that foreign direct investment was continuing to increase.

Government Targets Jobs and Prosperity

Tinubu said Nigeria had reached an important stage in its economic transformation, with the government gradually moving from stabilising and correcting the economy to a broader focus on job creation, increased production and shared prosperity.

The President maintained that the reforms were intended to establish a stronger economic foundation capable of supporting sustainable growth and improving opportunities for Nigerians.

His comments come amid continuing public debate over the impact of the removal of petrol subsidies and other economic policies introduced by his administration since 2023.

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