President Bola Tinubu on Thursday pushed back against calls to restore the fuel subsidy, dismissing it as a siren song from regressive politicians and adding that Nigerians cannot deny evidence of an improved economy under his watch.
Mr Tinubu urged Nigerians to disregard calls for the subsidy’s return by former Vice-President Atiku Abubakar and other critics.
“Now, as certain influential but regressive voices would have us abandon the treatment and return ourselves to the abuse of addictive subsidies, we must resist their siren song,” said the president on Thursday in a national broadcast to mark the country’s 66th independence anniversary.
“We must remember why we began this journey and how far we have already come. Our reforms did not create the weaknesses in our economy. They confronted them.”
Describing the fuel subsidy as a deadly “cancer”, Mr Tinubu dismissed those calling for its restoration as regressive, adding that Nigerians cannot deny evidence of improved economic outlook under his watch.
“Three and a half years later, the evidence that Nigeria’s economic outlook has improved is undeniable. Our economy has grown by over four per cent this year. Both oil and non-oil sectors have contributed to the renewed period of stable growth,” Mr Tinubu explained.
According to him, oil theft has reduced, and inflation has fallen substantially from its peak.
“Our foreign reserves have been rebuilt, our foreign exchange market has stabilised, and in 2025 this country recorded its highest revenue from non-oil exports in its history, exceeding $6 billion,” the president stated.
“This is real money being made by real Nigerian businesses. These are not idle claims.”
Mr Tinubu said international observers, journalists, NGOs, and multilateral institutions “can see the change” and that each “has concluded that our reforms have strengthened Nigeria’s economic stability and resilience”.
The private sector has long since delivered its verdict, and foreign direct investment continues to rise each year.”
Mr Tinubu’s pushback against restoring the fuel subsidy followed Mr Abubakar’s vow to restore it on locally produced petrol if elected president in 2027.