President Bola Tinubu has ruled out a return to fuel subsidy, insisting that his administration will not reverse the policy introduced when he assumed office in May 2023.
The President said the removal of the subsidy was a necessary economic reform, arguing that the government could no longer sustain the cost of subsidising petrol.
According to Channels Television, Tinubu spoke on Monday during a meeting with members of the City Boy Movement, a youth-driven political and advocacy group established to promote his administration’s agenda.
“I came, and I removed the subsidy on my first day. Nigeria would have gone bankrupt; there was nothing left to pay for subsidies,” the President said.
Tinubu also dismissed the possibility of reversing the policy, using a biblical and Quranic analogy to emphasise his position.
“I remember my scripture studies, both in the Bible and the Holy Quran. When Moses (Musa) left Egypt, the Red Sea parted and gave way. You cannot ask Moses to go back to Egypt. With your energy and support, we will never go back to Egypt,” he said.
Tinubu Urges Youths to Promote Government’s Achievements
The President commended the City Boy Movement for supporting his administration and urged its members to communicate the government’s policies and achievements to Nigerians at the grassroots.
He encouraged the group to engage young people in universities, markets and communities, stressing the importance of voter participation ahead of the coming election.
“Make sure every young person you know has a PVC and uses it. Tell them what we have done and tell them what we will do. Campaign with your ideas,” Tinubu said.
He also expressed confidence in the political support available to his administration, saying the contributions of those working with him had strengthened his confidence ahead of the next election.
Fuel Subsidy Removal Continues to Face Criticism
Tinubu announced the removal of petrol subsidy during his inauguration on 29 May 2023, a decision that triggered an immediate increase in petrol prices and intensified pressure on households and businesses.
Petrol prices, which were below ₦200 per litre before the policy change, have since risen sharply. Channels Television reported that pump prices at major filling stations were hovering between ₦1,350 and ₦1,405 per litre as of its October 19, 2026, report.
The policy has attracted criticism amid rising living costs and the impact of higher transport and energy expenses on Nigerians.
However, the Federal Government has maintained that ending the subsidy is necessary to reform the economy and redirect public resources towards other priorities.
Tinubu’s latest remarks reinforce his administration’s position that reinstating the fuel subsidy is not an option, despite continuing public concerns over the cost of living.