President Bola Tinubu has ruled out bringing back Nigeria’s petrol subsidy, insisting that his administration will stay the course with its economic reforms despite the hardship they have caused.
He made the declaration during his Independence Day address on Thursday, October 1, as Nigeria celebrated 66 years of independence.
Tinubu used the national address to defend the reforms introduced since he assumed office in 2023. He argued that the policies were aimed at tackling problems that had weakened the economy for years.
The President acknowledged that the reforms had come with painful consequences for Nigerians. However, he warned that reversing them would only take the country back to a system that failed to resolve its deeper economic challenges.
Tinubu particularly rejected calls to restore fuel subsidies.
He described the voices pushing for a reversal as “influential but regressive,” warning Nigerians not to be persuaded by what he called a “siren song.”
The President said Nigeria could not afford to abandon the treatment simply because the process was difficult.
To explain his position, Tinubu compared the country’s economic situation to a patient battling cancer.
He said the patient could either endure difficult treatment with the hope of recovery or rely on painkillers that provide temporary relief while allowing the disease to worsen.
“For too long, Nigeria’s leaders chose morphine while praying for a miracle that never came,” Tinubu said.
According to the President, previous administrations focused too much on easing the symptoms of Nigeria’s economic problems instead of confronting their underlying causes.
He maintained that his government had chosen a different approach through reforms targeting structural weaknesses.
Tinubu points to economic improvements
Tinubu also used the address to highlight what he described as signs of progress since the reforms began.
He said Nigeria recorded economic growth of more than four per cent in 2026, with the oil and non-oil sectors both contributing to the expansion.
The President also cited lower oil theft, a decline in inflation from its peak, stronger foreign reserves and greater stability in the foreign exchange market.
Another figure highlighted in the address was Nigeria’s non-oil export earnings.
Tinubu said the country generated more than $6bn from non-oil exports in 2025, which he described as the highest level ever recorded.
He argued that the changes were being recognised by international observers, development institutions and private-sector investors.
According to Tinubu, Nigeria has now moved beyond the initial stage of economic stabilisation and must focus on turning the gains into better opportunities for citizens.
He said the next phase would centre on job creation, increased production and broader prosperity.
The President also acknowledged that many Nigerians remain under pressure from the cost of food, education, healthcare and transportation.
Despite those challenges, he maintained that returning to petrol subsidies was not the solution.
Tinubu said the government would instead continue with measures aimed at strengthening production, expanding economic opportunities and improving living conditions across the country.
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