President Bola Tinubu has explained that he removed the petrol subsidy on his first day in office in 2023 to prevent Nigeria from going bankrupt, insisting that the government could no longer afford the cost of sustaining the policy.
The President made this known on Monday during a meeting with members of the City Boys Movement in Abuja, where he also dismissed opposition promises to restore fuel subsidy ahead of the 2027 presidential election.
Tinubu said his decision was driven by the need to protect the country’s finances, adding that there was little money left to continue funding the subsidy.
“I came and I removed subsidy the first day. Nigeria will not go bankrupt because there is nothing left to pay subsidy,” he said.
The President also criticised opposition politicians promising to restore the subsidy, saying his administration would focus on ideas and policies capable of moving the country forward.
“I listen to my political opponents promising a return to subsidy, but I remember my scripture studies in either the Bible or the Holy Quran,” Tinubu said.
He assured supporters that his campaign ahead of the 2027 election would be built around practical ideas and original solutions to Nigeria’s challenges.
“We will campaign with ideas, original thoughts and thinking to move this country forward,” he added.
Tinubu announced the removal of the petrol subsidy during his inauguration on May 29, 2023, declaring that “fuel subsidy is gone.” The decision led to a sharp increase in petrol prices and transportation costs, placing additional financial pressure on households and businesses.
The Federal Government has defended the policy as a necessary measure to reduce the financial burden of subsidy payments on public finances and free up resources for infrastructure and other development priorities.
However, the removal has remained a major subject of public debate, with many Nigerians expressing concerns over rising living costs and the impact on their purchasing power.
As the 2027 presidential election approaches, opposition figures have pledged to restore fuel subsidy as part of their proposed measures to ease economic hardship.
Tinubu’s latest remarks signal that his administration intends to defend the policy and make its economic rationale a key part of its political messaging ahead of the next general election.
