President Bola Tinubu has reaffirmed his decision to remove petrol subsidy, declaring that he has no regrets about the policy and that his administration will not reverse its economic reforms.
The President made the remarks on Monday, October 19, 2026, during a forum titled “Together till 2027: An Evening with Original City Boy,” held at the Old Banquet Hall of the Presidential Villa in Abuja.
Tinubu, responding to opposition calls for the reinstatement of fuel subsidy, likened Nigeria’s economic reform journey to the biblical account of Moses leading the Israelites out of Egypt. He insisted that the country must move forward rather than return to previous policies.
“You cannot ask Moses to go back to Egypt,” the President said, adding that his administration had taken difficult but necessary decisions to move the country forward.
Acknowledging the economic difficulties Nigerians have experienced over the past three years, Tinubu maintained that the economy was moving in the right direction. He also argued that the country could not achieve sustainable development through excessive borrowing and reliance on printing money.
The President highlighted other initiatives introduced by his administration, including tax reforms and the Nigerian Education Loan Fund (NELFUND), stating that more than one million students had benefited from the student loan programme.
He also commended young supporters of the City Boy Movement for defending his administration’s policies and urged them to intensify grassroots mobilisation ahead of the 2027 general elections.
Tinubu called on eligible young Nigerians to obtain their Permanent Voter Cards (PVCs) and participate in the electoral process, stressing that supporters should communicate the government’s achievements and plans to the public.
The removal of petrol subsidy, announced by Tinubu on May 29, 2023, shortly after he assumed office, led to a sharp increase in petrol prices and the cost of living. The policy remains a major point of debate, with opposition figures calling for its reversal while the Federal Government maintains that the reforms are necessary for long-term economic stability.
