President Bola Ahmed Tinubu has firmly ruled out the possibility of restoring Nigeria’s petrol subsidy, insisting that the decision to remove the policy was necessary to prevent the naira from losing its value and avert a deeper economic crisis.
The President maintained that his administration had taken difficult but necessary economic decisions since assuming office, arguing that retaining the fuel subsidy would have pushed the country towards financial collapse.
Tinubu made the remarks on Friday, November 6, 2026, during a state reception organised in his honour at the newly constructed Banquet Hall of ARISE Palm Resort in Uyo, Akwa Ibom State.
The event followed the All Progressives Congress (APC) campaign rally held at the Godswill Akpabio International Stadium, where party supporters and political stakeholders gathered to demonstrate support for his administration.
Defending the removal of the fuel subsidy, Tinubu recalled the financial difficulties confronting several state governments when he assumed office in May 2023.
According to him, 27 out of Nigeria’s 36 state governors were struggling to pay workers’ salaries, while pensioners and retirees were also facing difficulties receiving their entitlements.
He argued that the country was heading towards a serious financial crisis before his administration introduced its economic reforms.
The President illustrated the possible consequences of retaining the subsidy by suggesting that the naira would have become practically worthless.
“By now, if we didn’t take a decision, the day I took over, we would use wheelbarrows to move our naira. Because it would have been valueless, nothing,” he said.
Tinubu also referenced the exchange rate, which he put at approximately ₦1,300 to the United States dollar, arguing that the decisions taken by his government had helped preserve some value in the national currency.
Using the biblical account of Moses leading the Israelites out of Egypt as an illustration, the President suggested that Nigeria must remain committed to its current reform path rather than return to what he described as an unsustainable economic arrangement.
He subsequently restated his administration’s position on the controversial policy.
“Nigeria will never go back to the subsidy,” Tinubu declared.
Tinubu Attacks Obi, Atiku Over Leadership Records
The President also used the occasion to criticise opposition politicians Peter Obi and Atiku Abubakar, questioning their leadership credentials and suitability to govern Nigeria.
Tinubu took aim at Obi, whom he identified as the Nigeria Democratic Congress (NDC) presidential candidate, over erosion challenges in Anambra State.
He also criticised Atiku, the African Democratic Congress (ADC) presidential candidate, accusing him of abandoning the Peoples Democratic Party (PDP) after facing leadership challenges within the party.
The President suggested that their political decisions and records raised questions about their capacity to provide the leadership Nigeria needs.
His comments come amid growing political activities and preparations ahead of the country’s next electoral contest, with opposition figures intensifying their criticism of the Federal Government’s economic policies.
Tinubu Says EFCC Recovered Funds Will Finance Education Programme
On education, the President acknowledged the financial difficulties confronting Nigerian households, particularly parents struggling to meet the rising cost of tuition and other educational expenses.
He said his administration was pursuing policies designed to expand access to education, reduce the financial burden on families and provide opportunities for young Nigerians, regardless of their economic backgrounds.
Tinubu described education as a critical instrument for fighting poverty and creating opportunities for future generations.
“Equal opportunity for everybody who wants to read. Taking education as the greatest weapon against poverty. And creating opportunities for those who are still coming behind,” he said.
The President further announced that funds recovered through the anti-corruption activities of the Economic and Financial Crimes Commission (EFCC) would be channelled into the government’s education programme.
According to him, the arrangement would ensure that recovered public funds contribute directly to expanding educational opportunities.
“From today on, as we are fighting corruption, any money recovered from EFCC is dumped into that education program. No one can reverse it,” Tinubu stated.
President Renews Commitment to Ibom Deep Seaport
Tinubu also appealed to residents of Akwa Ibom State to continue supporting his administration, assuring them of the Federal Government’s commitment to projects capable of stimulating economic growth and creating employment opportunities.
He specifically renewed his pledge to support the realisation of the proposed Ibom Deep Seaport project, which is expected to strengthen maritime activities, improve trade and attract investment to the state.
The President’s remarks highlighted his administration’s determination to defend its economic reforms while seeking continued political support from Nigerians.
However, the continued removal of the petrol subsidy remains a major subject of public debate, particularly as households and businesses grapple with the effects of higher fuel costs and the rising cost of living.
