President Bola Tinubu has ruled out a return to fuel subsidies, describing their removal as a necessary step to prevent Nigeria’s economy from going bankrupt.
The president spoke during a meeting with members of the City Boy Movement, a youth-led political and advocacy group that promotes 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,” Tinubu said.
He dismissed calls by political opponents to restore the subsidy, insisting that his government would not reverse the policy.
Drawing an analogy from religious scripture, Tinubu said Nigeria must move forward rather than return to its previous economic system.
“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,” he said.
“With your energy and support, we will never go back to Egypt,” the president added.
Tinubu also praised the City Boy Movement for supporting his administration and urged its members to take the government’s achievements to communities across the country.
He encouraged members to mobilise young voters in schools, markets and villages 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,” he said.
Tinubu announced the removal of the petrol subsidy during his inauguration three year’s ago, triggering a sharp increase in petrol prices and raising the cost of transportation and other essential goods and services.
The policy has faced widespread criticism amid rising living costs, while the Federal Government maintains that the reform is necessary to stabilise the economy and free up public funds for other priorities.
The president, however, has maintained that his administration will not restore the subsidy.
