By Sabiu Abdullahi
President Bola Tinubu has ruled out a return to petrol subsidy, insisting that Nigeria cannot reverse the policy introduced at the beginning of his administration in May 2023.
Tinubu made the remarks on Monday at an event organised by the City Boy Movement, a pro-Tinubu group led by his son, Seyi, which is mobilising young voters ahead of the 2027 presidential election.
Defending the subsidy removal, the President said the policy was necessary to prevent the country from facing financial collapse, arguing that the government could no longer sustain the cost of subsidising petrol.
“I came and I removed subsidy the first day. I knew Nigeria would go bankrupt. There was nothing left to pay subsidy. I could listen to my political opponents promising a return to subsidy,” he said.
Using the Biblical account of Moses leading the Israelites out of Egypt, Tinubu drew a parallel between their journey and Nigeria’s economic reforms, insisting that the country should not return to its previous position.
“I remember my scripture studies, both in the Bible and in the Holy Quran.
“When Moses and Musa left Egypt, they faced a challenge, and the Red Sea parted and gave way. You cannot ask Moses to go back to Egypt.”
The President also urged young Nigerians to obtain their Permanent Voter Cards (PVCs) and participate in the 2027 election.
“Make sure every young person you know has a PVC and uses it,” he said.
“Tell them what we have done and tell them what we will do.
“We will campaign with our ideas, original thoughts and deep thinking to move this country forward. With your energy and support, never will we go back to Egypt.”
Tinubu announced the removal of the petrol subsidy during his inauguration on May 29, 2023. The policy has remained a major point of debate, with opposition politicians proposing different approaches to reducing fuel prices.
Rabiu Musa Kwankwaso, vice-presidential candidate of the Nigeria Democratic Congress (NDC), recently said the party “will do whatever is necessary” to lower petrol prices, including potentially restoring the subsidy if elected.
The party’s presidential candidate, Peter Obi, had also said his administration would restore the subsidy after tackling corruption.
Meanwhile, Donald Duke, the Peoples Redemption Party presidential candidate, said he would reduce petrol prices to about N300 per litre if elected in 2027.
Former Vice-President Atiku Abubakar, the African Democratic Congress presidential candidate, also pledged in August to restore the subsidy if he wins the election.
The competing positions on petrol subsidy are expected to remain a key issue in the campaign ahead of the 2027 presidential poll.
