President Bola Tinubu has ruled out a return to petrol subsidy, arguing that retaining the policy would have pushed Nigeria towards bankruptcy.
Tinubu restated his position on Monday during a meeting with members of the City Boy Movement, a youth-focused political group campaigning for his administration.
He said the decision to remove the subsidy on his inauguration day in May 2023 was necessary because the government could no longer sustain the payments.
“Nigeria would have gone bankrupt; there was nothing left to pay for subsidies,” the president said, dismissing calls by political opponents for the policy to be reversed.
Using a biblical and Quranic reference, Tinubu compared reversing the policy to asking Moses to return to Egypt after leading the Israelites out of captivity.
“With your energy and support, we will never go back to Egypt,” he told the group.
The president also urged members of the movement to take his administration’s policies and achievements to young Nigerians in schools, markets and rural communities ahead of the 2027 general election.
He called on them to encourage eligible young people to obtain their Permanent Voter Cards and participate in the election, while explaining the government’s record and plans.
Tinubu’s removal of the petrol subsidy in May 2023 triggered an immediate rise in pump prices and contributed to mounting pressure on households and businesses amid the rising cost of living.
Petrol prices, which were below ₦200 per litre before the policy change, have since climbed sharply, with prices at major filling stations reported to be between ₦1,350 and ₦1,405 per litre.
The Federal Government has defended the reform as necessary to stabilise public finances and redirect resources to other priorities, despite persistent criticism over its impact on living costs.
Tinubu has maintained that the country must continue with the policy rather than return to the previous subsidy arrangement.
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