Independence Day: Tinubu speaks on fuel subsidy return amid petrol price hike

President Bola Ahmed Tinubu has firmly stated his administration's decision to keep fuel subsidy off the table. Speaking in his nationwide Independence Day address, Tinubu affirmed that the removal of the fuel subsidy was a deliberate choice to tackle the nation's economic challenges head-on. He emphasized, "When this administration assumed office, we resolved to do things differently.

We chose to excise the cancer. The reforms that followed were difficult. The side effects were real." Tinubu clarified that while the emergency treatment phase had ended, the focus was now on repairing the foundation of the economy. He stated, "The central economic task before us has changed. For three years, our overriding purpose was to correct our nation’s course."

In contrast, former Vice President Atiku Abubakar, running on the African Democratic Congress ticket, has pledged to reinstate the fuel subsidy if voted into office in the upcoming January 16 presidential election. At the moment, petrol prices in parts of Abuja and surrounding regions hover around N1,370 to N1,450 per litre.