President Bola Tinubu has said he has no regrets about removing the fuel subsidy, insisting that Nigeria will not return to the policy and likening such a move to asking the biblical Moses to return to Egypt.
Tinubu stated this on Monday evening at the forum tagged ‘Together till 2027: An Evening with Original City Boy’, organised by the City Boy Movement in conjunction with the Relax-Tinubu-Is-Fixing-Nigeria movement, both of which are geared towards his reelection at the 2027 polls.
Recalling the start of his administration, the President said he scrapped the subsidy on his first day in office.
“I came, and I removed the subsidy the first day,” he said, adding that Nigeria was heading for bankruptcy, with “nothing left to pay subsidy.”
The President also took a swipe at African Democratic Congress (ADC) presidential candidate Atiku Abubakar, who has promised to restore the fuel subsidy.
Citing what he called his studies of scripture in the Bible and the Holy Quran, Tinubu recalled how the Red Sea parted when Moses left Egypt.
He likened the end of the subsidy regime to the exodus of the ancient Israelites from Egypt, saying, “You cannot ask Moses to go back to Egypt.”
Continuing, he said, “I could listen to my political opponents promising a return to subsidy. Most of all, sometimes I remember my scripture studies, both the Bible and the Holy Quran. When Moses left Egypt, they faced the challenge, and the Red Sea parted and gave way.
You cannot ask Moses to go back to Egypt. We wake up with ideas, original thoughts, and deep thinking to move this country forward. With your energy, your support, Nigeria will never go back to Egypt. No regrets.
“Before I left home, I saw one of the greatest Chinese economic news growing by 4.6 per cent or thereabouts. We are on the right trajectory. We are in good company. The economy is growing steadily. You will have a future, a future to believe in.”
The President added, “Nigeria must win this election before any candidate does. You are not campaigning for me. You are campaigning for your own future, and that future is renewed hope. There’s nothing that will push us back.”
Tinubu said the past three years had not been easy, adding that his administration “took hard decisions.”
He described the condition in which he took over, stating that, “We owed money to airlines. They were almost cutting their flights to Nigeria. Our foreign reserve was nothing. We printed currencies as if there were no tomorrow.”
He said that rather than dwell on the shortcomings of the previous administration, he chose to take responsibility for the decisions and liabilities inherited from his predecessor.
“We understood that a nation cannot borrow its way to greatness,” Tinubu said, adding that many people had predicted that young Nigerians would turn their backs on the reforms.
“They were wrong. You are here,” he said.
Speaking on the January 16, 2027, presidential election, Tinubu told the youths to take the message to their campuses, markets and villages.
“Make sure every young person you know has a PVC and use it. Tell them what we have done, and tell them what we will do. Campaign with your ideas.
“You are not campaigning for me. You are campaigning for your own future, and that future is Renewed Hope,” he stated.
On the Students Loan Act, which he signed in 2023, he said he also had no regrets, adding, “Today, more than a million students have been supported through NELFUND.”
Recall that Tinubu announced the end of the petrol subsidy when he took office on May 29, 2023.
The pump price rose from about N180 per litre to about N620 after the announcement, and to about N1,200 roughly a year later.
Atiku, on August 20, in an English rendering of a Hausa-language interview, said: “If elected, I will bring back the oil subsidy.”
He, however, proposed a capped, audited production subsidy tied to domestic refining, saying his proposal was not to resurrect the old subsidy regime.
The Presidency called the proposal a return to a “wasteful, corruption-ridden and financially burdensome” system.
At the event, Tinubu assured the City Boy Movement, especially the youth who had stood with him, that they would not be left behind.
“The future of this country does not belong to me, and it does not belong to my generation. It belongs to you.
“I am very proud, once again, that when I signed the Student Loan Act, I had no regrets.
“Today, more than a million students have been supported through NELFUND,” Tinubu stated.