Nigeria would have gone bankrupt without fuel subsidy removal — Tinubu

President Bola Tinubu has defended his decision to remove petrol subsidy in 2023, saying the move was necessary to prevent Nigeria from going bankrupt.

The President made the remarks on Monday during a meeting with the City Boy Movement in Abuja, where he also dismissed opposition promises to restore fuel subsidy if elected in 2027.

Tinubu maintained that the government could no longer sustain the subsidy payments, insisting that there were insufficient funds to continue the policy.

“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.

He said he had listened to opposition politicians promising to restore the subsidy but maintained that his administration would continue pursuing policies it believes would move the country forward.

“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.

Tinubu also assured his supporters that his campaign would focus on ideas and policies aimed at advancing Nigeria’s development.

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

The President announced the removal of petrol subsidy during his inauguration on May 29, 2023, arguing that the policy had disproportionately benefited a limited number of Nigerians.

Since the announcement, the policy has remained a major point of debate, with Nigerians experiencing higher petrol prices and increased transportation and living costs.

As the 2027 presidential election approaches, opposition politicians, including former Vice President Atiku Abubakar, have promised to restore fuel subsidy as part of their proposed measures to ease the economic hardship facing Nigerians.

The disagreement over subsidy policy is expected to remain a significant issue in the political debate ahead of the election, with the Tinubu administration defending its reforms and opposition figures advocating a return to some form of government support for petrol prices.

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