‘No regrets over subsidy removal, Nigeria can’t go back to Egypt’ – Tinubu

President Bola Tinubu said that he will not revert to fuel subsidies since abolishing the subsidy was an economic necessity which his government would not renege on.

Tinubu made this announcement on Monday when he met with members of the City Boy Movement, a youth political organization formed to further the agenda of the government.

The President said Nigeria faced the risk of bankruptcy if the government had continued paying for fuel subsidies, insisting that his decision to end the policy was necessary to address the country’s economic challenges.

“I came, and I removed the subsidy on my first day. Nigeria would have gone bankrupt; there was nothing left to pay for subsidies,” he said.

Tinubu also took a swipe at political opponents who have advocated a return to the subsidy regime, saying he remained committed to the policy change.

Drawing an analogy from religious scripture, the President said the country could not return to its previous economic arrangements after embarking on reforms.

“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.

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 members to mobilise young people in campuses, markets and communities, while calling on eligible voters to obtain their Permanent Voter Cards (PVCs) and participate in elections.

“Those of you who are lucky to work with me have given me all the answers needed and the confidence required to see the coming election as a simple matter,” Tinubu said.

“You will go to your campuses, your markets, and your villages. 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 added.

Tinubu announced the removal of petrol subsidy during his inauguration on May 29, 2023. The decision triggered a sharp increase in petrol prices, contributing to rising transportation costs and wider cost-of-living pressures. FollowPolitics

The policy has remained a subject of public debate, with critics pointing to its impact on households and businesses, while the Federal Government has defended it as necessary to reduce fiscal pressure and redirect public resources.

Tinubu’s latest remarks reinforce his administration’s position that the country will not return to the previous subsidy arrangement.

The government has maintained that its economic reforms are intended to stabilise the economy and improve long-term prospects, although many Nigerians continue to face significant financial pressures.