Tinubu urges Nigerians to reject calls for return of petrol subsidy

President Bola Tinubu has urged Nigerians to reject calls for the restoration of fuel subsidies, warning that such a move would reverse the country’s economic reform efforts.

Tinubu made the call in his Independence Day address to Nigerians on Thursday, saying returning to the subsidy regime would amount to turning back the clock.

The president ended the petrol subsidy regime during his inaugural address on May 29, 2023. His administration subsequently unified the foreign exchange market and introduced cost-reflective electricity tariffs as part of its broader economic reforms.

The reforms have, however, triggered significant economic hardship for millions of Nigerians, with rising living costs and declining purchasing power.

Ahead of the 2027 general elections, some opposition figures, including Atiku Abubakar of the African Democratic Congress, Peter Obi of the Nigeria Democratic Congress and Omoyele Sowore of the African Action Congress, have campaigned on promises to restore subsidies amid the economic hardship facing Nigerians.

Tinubu, however, urged citizens to reject such proposals.

“We spent enormous sums sustaining inefficient arrangements that were never intended to last. We hid from difficult truths and passed the consequences from one generation to the next,” the president said.

“Our reforms did not create the weaknesses in our economy. They confronted them.

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

The president said Nigeria should remain focused on the reforms rather than return to previous policies.

He added that it was not the time to look back, saying, “our foundations are strong. Our direction is clear. So let us go forward”.