Tinubu Defends Subsidy Removal, Says Nigeria Would Have Gone Bankrupt, Dismisses Opposition's Promise to Restore It

President Bola Tinubu has said he scrapped the petrol subsidy on his first day in office in May 2023 because the country was headed for bankruptcy.

Speaking to members of the City Boy Movement at a meeting in Abuja on Monday, the President brushed aside promises by opposition candidates to bring back the subsidy ahead of the 2027 presidential election.

"I came and I removed subsidy the first day. I knew Nigeria would go bankrupt; there was nothing left to pay subsidy," Tinubu said. He added that while he could listen to his political opponents promise a return to subsidy, his study of scripture, in both the Bible and the Holy Quran, guides his thinking. Citing the story of Moses (Musa) leaving Egypt and the parting of the Red Sea, he said, "You cannot ask Moses to go back to Egypt."

Tinubu reiterated that the fuel subsidy had long drained critical public resources while mainly benefiting a small group of arbitrageurs. He maintained that his administration would stay the course with market-driven reforms.