Tinubu rejects calls to restore Nigeria’s petrol subsidy
President Bola Tinubu has ruled out a return to Nigeria’s petrol subsidy system, defending reforms introduced since 2023 despite acknowledging their effects on households. In his Independence Day address, he said abandoning the changes would revive policies that failed to resolve structural economic problems and urged Nigerians to stay the course.
President Bola Tinubu has ruled out restoring Nigeria’s petrol subsidy regime, describing demands to reverse his administration’s economic reforms as a “siren song”. He made the remarks in an Independence Day address, as Nigeria marked its 66th anniversary. Tinubu defended changes introduced since he took office in 2023, including the removal of the petrol subsidy.
“Our reforms did not create the weaknesses in our economy. They confronted them,” the president said. He acknowledged that the reforms had been difficult and that their side effects were real.
Tinubu warned against calls from what he called “certain influential but regressive voices” to abandon the changes and return to subsidy arrangements. He argued that doing so would repeat policies that eased immediate pressures without addressing deeper economic problems. The president compared the reforms to medical treatment for a serious illness.
Previous governments, he said, had concentrated on easing the symptoms of economic weakness while allowing its underlying causes to worsen. Tinubu cited several indicators that he said showed improvement. He said the economy had grown by more than 4% in 2026, oil theft had declined, inflation had fallen from its peak, foreign reserves had increased and the foreign exchange market had stabilised.
He also said Nigeria generated more than $6bn in non-oil export revenue in 2025, which he described as the highest level in the country’s history. He said international observers and private investors had recognised the reforms’ effects. The president said the government was moving from economic correction towards jobs, production and broader prosperity.
He said its next priorities included reducing the cost of producing and transporting goods, supporting businesses and expanding opportunities for Nigerians. Tinubu acknowledged that hardship remained widespread, but said abandoning the reforms would not provide a lasting solution. He urged Nigerians to remember why the changes began and to continue supporting the policy direction.
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