President defends 2023 policy, insists subsidy removal was necessary to prevent economic collapse
By Energy Crossroad | October 20, 2026
President Bola Ahmed Tinubu has ruled out any return to Nigeria’s petrol subsidy regime, insisting that reversing the policy would undermine the economic reforms introduced by his administration since assuming office in May 2023.
The President restated his position on Monday, October 19, during an engagement with members of the City Boy Movement at the State House in Abuja, where he defended the decision to remove petrol subsidy on his first day in office.
Tinubu argued that the government could no longer sustain the financial burden associated with subsidising petrol, claiming that continuing the policy would have pushed the country towards bankruptcy.
“I came, and I removed the subsidy on my first day. Nigeria would have gone bankrupt; there was nothing left to pay for subsidies,” the President said.
He also criticised political opponents who have promised to restore the subsidy if elected, maintaining that Nigeria must move forward rather than return to its previous economic arrangements.
‘YOU CANNOT ASK MOSES TO GO BACK TO EGYPT’
Using a biblical analogy to explain his position, Tinubu compared the removal of petrol subsidy to the journey of Moses and the Israelites out of Egypt.
The President said the country had reached a point where reversing the policy should no longer be considered an option, despite the economic difficulties Nigerians have experienced since its implementation.
He concluded the analogy by declaring that, with continued support for his administration, Nigeria would not return to the former subsidy system.
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