Tinubu Rules Out Fuel Subsidy Return, Warns Nigeria Would Go Bankrupt
President Tinubu says reversing petrol subsidy removal would bankrupt Nigeria and compares it to asking Moses to return to Egypt.
KEY POINTS
- Tinubu rules out returning to petrol subsidy
- Subsidy was removed on May 29, 2023
- President compares policy to Moses leaving Egypt
- Finance Minister warns subsidy return would hurt the economy
- IMF forecasts 4.1 percent growth for Nigeria in 2026
President Bola Tinubu has ruled out any return to petrol subsidy, saying Nigeria cannot afford to fund the policy and would go bankrupt if it were reinstated.
Speaking at “An Evening with the Original City Boy” at the State House in Abuja, Tinubu compared subsidy removal to Moses leading the Israelites out of Egypt, saying nobody can ask Moses to go back.
“You cannot ask Moses to go back to Egypt.”
He said he removed fuel subsidy on his first day in office on May 29, 2023, to confront longstanding economic challenges and that reversing it would threaten the country’s finances.
Tinubu acknowledged that some political opponents have promised to restore subsidy payments, but insisted Nigeria must not return to its previous economic path.
Finance Minister Taiwo Oyedele warned that restoring subsidy would devastate the economy, trigger capital flight, weaken the naira, and push petrol prices higher.
Oyedele also predicted Nigeria would outperform the IMF’s 4.1 percent growth forecast for 2026.
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