Nigeria cannot go back to Egypt: Tinubu finally rules out fuel subsidy return
By Mohammed Ismail
President Bola Ahmed Tinubu has ruled out any possibility of restoring the petrol subsidy, declaring that his administration has no regrets over its removal and insisting that Nigeria cannot return to what he described as an unsustainable economic policy.
Tinubu maintained that the country was heading towards bankruptcy before the subsidy was abolished, arguing that the decision was necessary to change Nigeria’s economic direction and prevent further financial strain on government resources.
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The President spoke on Monday at a political gathering tagged “Together Till 2027: An Evening with Original City Boy,” organised by the City Boy Movement in collaboration with the Relax-Tinubu-Is-Fixing-Nigeria Movement, both of which are mobilising support for his re-election in 2027.
He used the occasion to criticise former Vice President Atiku Abubakar, the African Democratic Congress (ADC) presidential candidate, over his promise to restore the fuel subsidy if elected.
Drawing parallels with the biblical account of the Israelites’ departure from Egypt, Tinubu said Nigeria could not afford to reverse the economic reforms his administration had introduced.
“I could listen to my political opponents promising a return to subsidy. Most of all, sometimes I remember my scripture studies, both the Bible and the Holy Quran,” he said.
Recalling the challenges faced by Moses and the Israelites during their exodus from Egypt, the President declared: “You cannot ask Moses to go back to Egypt.”
He added, “With your energy, your support, we will never go back to Egypt. No regrets.”
Tinubu expressed confidence in the direction of the economy, insisting that Nigeria was gradually making progress despite the difficulties associated with the reforms.
Acknowledging that the past three years had been challenging for Nigerians, he said his administration had chosen to take difficult decisions rather than continue policies he considered financially unsustainable.
“We understood that a nation cannot borrow its way to greatness,” the President stated.
He also argued that his government had taken responsibility for the country’s economic challenges instead of dwelling on the shortcomings of previous administrations.
On the political implications of the reforms, Tinubu urged his supporters to view the 2027 presidential election as a contest that would determine their economic future, rather than merely an effort to secure another term for him.
“Nigeria must win this election before any candidate does. You are not campaigning for me. You are campaigning for your own future, and that future is renewed hope. There’s nothing that will push us back,” he said.
The President further dismissed expectations that young Nigerians would reject his reform agenda, pointing to the presence of youths at the gathering as evidence of continued support.
He urged them to take his message to university campuses, markets and communities across the country ahead of the January 16, 2027 presidential election, as stated in the report.
Tinubu also defended the Nigerian Education Loan Fund (NELFUND), established under the Students Loan Act he signed in 2023, saying he had no regrets about the initiative and that more than one million students had benefited from its support.
