Tinubu Rules Out Restoring Petrol Subsidy

President Bola Tinubu said his government would not restore petrol subsidies, defending their removal despite acknowledging that Nigerians have faced hardship. He made the remarks Monday, October 19, at a political gathering of the City Boy Movement and allied supporters in Abuja. Tinubu said he had no regrets about ending the subsidy, which he removed on his first day in office in May 2023. He argued that the country could not return to the policy and compared calls for its restoration to asking Moses to return to Egypt after leading the Israelites away. The president said Nigeria had been heading toward bankruptcy and that there was nothing left to pay for the subsidy when he made the decision. Those remarks reflected his explanation for the policy; the reports of the event did not independently establish the country’s fiscal position at the time. The gathering, titled Together till 2027: An Evening with Original City Boy, was organized by the City Boy Movement with an allied pro-Tinubu group. Tinubu urged supporters to campaign ahead of the 2027 general election, telling them their efforts were for their own future as well as his political prospects. He acknowledged that...