President Tinubu Rules Out Return of Petrol Subsidy

President Bola Ahmed Tinubu ruled out the return of the petrol subsidy during political events in Abuja on October 19 and 20, 2026. Likening the prospect of restoring the subsidy to asking the biblical Moses to return to Egypt, Tinubu stated that Nigeria cannot return to an era of state-paid cheap petrol. He argued that the removal was essential to prevent national bankruptcy, asserting that a nation cannot borrow its way to greatness.

Vice President Kashim Shettima supported the decision, citing a 4.43 percent growth in the last quarter as evidence that the economy could have collapsed without these reforms. Finance Minister Taiwo Oyedele warned that restoring the subsidy would devastate the economy, trigger capital flight, and potentially push the exchange rate to N3,000–N4,000 per dollar. Oyedele clarified that a recent 30-day petrol discount at NNPC Limited stations is a commercial decision rather than a public subsidy.

These declarations come amid pressure from the Nigeria Labour Congress, which issued a two-week ultimatum for the government to cut petrol prices. Additionally, opposition figure Atiku Abubakar has promised to restore the subsidy ahead of the January 16, 2027, presidential election. During the Abuja gatherings, Tinubu urged young Nigerians to view the upcoming election as a campaign for their own future under the Renewed Hope agenda.