Independence: Tinubu Rules Out Return of Fuel Subsidy, Says Reforms Yielding Results

President Bola Tinubu has ruled out a return to petroleum subsidy, insisting that his administration’s economic reforms are improving Nigeria’s economic stability and laying the foundation for widespread prosperity.

Tinubu stated this in his Independence Day broadcast on Thursday, as Nigeria marked its 66th anniversary, urging Nigerians to remain committed to the reform process despite calls for a reversal of some policies.

“Our reforms did not create the weaknesses in our economy. They confronted them,” the President said, warning against abandoning the measures and returning to what he described as the excessive use of subsidies.

He added that Nigerians must remember the reasons for introducing the reforms and the progress the country had made since the process began.

Tinubu announced the removal of petrol subsidy in May 2023, shortly after assuming office. The decision triggered a sharp increase in fuel prices, contributing to higher transportation costs and the rising cost of living.

Opposition figures and other critics have repeatedly called for the restoration of the subsidy, arguing that the removal of the support, alongside the floating of the naira, has increased the financial burden on households and businesses.

However, the President maintained that the economy was moving in the right direction, citing growth across the oil and non-oil sectors.

According to him, Nigeria’s economy grew by more than four per cent in 2026, while oil theft had declined, inflation had fallen from its peak, foreign reserves had improved and the foreign exchange market had stabilised.

He also said the country recorded more than $6 billion in non-oil export revenue in 2025, describing the figure as evidence of the growing contribution of Nigerian businesses to the economy.

The President further claimed that international observers, non-governmental organisations and multilateral institutions had recognised improvements in Nigeria’s economic stability and resilience. He added that foreign direct investment continued to rise.

Tinubu said the country had reached a turning point, with the immediate task of correcting economic imbalances giving way to a broader focus on ensuring that the benefits of growth reached more Nigerians.

“My fellow Nigerians, we have reached a turning point. The emergency treatment is over. The foundation has been repaired. The central economic task before us has changed. For three years, our overriding purpose was to correct our nation’s course. Now, our purpose is simple: shared and widespread prosperity,” he said.