President Bola Tinubu has rejected a return to petrol subsidy, reaffirming his administration’s position as opposition proposals to restore consumer support intensify debate over fuel costs.
Speaking on Monday, October 19, at an event organised by the City Boy Movement, the President defended the removal of the subsidy as necessary to protect public finances.
According to TheCable, Tinubu compared reversing the policy to asking Moses to return to Egypt after leading his people out.
“You cannot ask Moses to go back to Egypt,” he said.
The President maintained that the government could no longer afford the previous arrangement. His remarks reaffirm an existing policy position rather than announce a new petrol price or subsidy regulation. TheCable
Tinubu announced subsidy removal during his inauguration on May 29, 2023. The decision was followed by higher petrol and transportation costs and has remained central to arguments over the administration’s economic reforms.
The government’s position is that maintaining the subsidy would place an unsustainable burden on public finances. Its critics question whether the benefits of removal have sufficiently reached households facing higher living costs.
Former Vice-President Atiku Abubakar has promised to restore petrol subsidy if elected, placing the issue among the policy differences ahead of the next presidential election. Those proposals remain campaign commitments, rather than implemented measures.
Monday’s statement makes the administration’s position clear: it intends to maintain the policy despite pressure for a reversal. The continuing debate concerns how best to protect consumers while funding public services and avoiding the fiscal costs associated with subsidies.
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