Tinubu rules out return to fuel subsidy

Nigeria's President Bola Tinubu has firmly rejected the idea of reintroducing the country's fuel subsidy program. Speaking during his Independence Day address on Thursday, marking Nigeria's 66th anniversary, Tinubu criticized calls to unwind his administration's economic reforms, calling such demands a "siren song". The President defended the reforms implemented since taking office in 2023, stating they addressed deep-rooted economic challenges rather than merely mitigating their effects.

"Our reforms did not create the weaknesses in our economy. They confronted them," Tinubu emphasized. He acknowledged the difficulties and side effects of the reforms, but argued abandoning them would reverse the progress made. Tinubu warned against the influence of certain "regressive voices" urging a return to subsidies, urging Nigerians to resist their "siren song".

He compared Nigeria's economy before reforms to a cancer patient requiring painful yet necessary treatment. Tinubu highlighted the economic gains achieved under the reforms, noting Nigeria's economic growth exceeding four percent in 2026, declining oil theft, reduced inflation, rebuilt foreign reserves, and increased foreign exchange stability.

He also pointed out that Nigeria's non-oil export revenue hit a new historical high of over $6 billion in 2025. Tinubu sees the reforms as a turning point, shifting focus from economic correction to creating jobs, boosting production, and achieving widespread prosperity.