Tinubu Says Fuel Subsidy Removal Was Necessary to Prevent Nigeria From Going Bankrupt

President Bola Tinubu has defended his decision to remove Nigeria’s fuel subsidy in 2023, saying the policy was necessary to prevent the country from going bankrupt.

Tinubu gave the explanation on Monday during a meeting with members of the City Boys Movement in Abuja. He argued that the government could no longer sustain the cost of paying the subsidy.

“I came and I removed subsidy the first day, Nigeria will not go bankrupt because there is nothing left to pay subsidy,” the president said.

The president also criticised opposition politicians who have promised to restore fuel subsidy if elected in the 2027 general election. He questioned the feasibility of returning to a policy his administration says was financially unsustainable.

Tinubu referred to his religious studies while responding to the opposition’s proposals. “I listen to my political opponents promising a return to subsidy but I remember my scripture studies in either the Bible or the Holy Quran,” he said.

The president said his campaign ahead of the 2027 election would focus on presenting policies and ideas intended to move the country forward.

“We will campaign with ideas, original thoughts and thinking to move this country forward,” Tinubu added.

Tinubu announced the removal of fuel subsidy during his inauguration as president in May 2023. He argued at the time that the subsidy mainly benefited a limited number of Nigerians, while its cost placed a significant burden on public finances.

Since the policy change, fuel prices have risen, adding to concerns about living costs for households and businesses. Opposition figures have proposed restoring the subsidy as a way to ease economic pressure, setting up a major policy debate ahead of the 2027 presidential election.