Tinubu Declares No Going Back on Fuel Subsidy Removal, Says ‘You Cannot Ask Moses to Go Back to Egypt’

President Bola Tinubu has insisted that petrol subsidy will not return, declaring that Nigeria cannot afford to reverse the policy he removed on his first day in office in May 2023.

Speaking on Monday at a dinner with the leadership of the City Boy Movement in Abuja, themed “An Evening with the Original City Boy,” Tinubu said the country would go bankrupt if the subsidy regime was restored.

“I came, and I removed the subsidy the first day. Nigeria will go bankrupt. There is nothing left to pay the subsidy,” the President said.

Tinubu’s remarks were a direct response to opposition candidates, particularly former Vice-President Atiku Abubakar, who have promised to restore the subsidy if elected in 2027.

Drawing an analogy from the biblical and Quranic accounts of Moses, Tinubu said Nigeria must not return to its previous economic condition.

“When Moses and Musa left Egypt, they faced the challenge, and the Red Sea parted and gave way. You cannot ask Moses to go back to Egypt,” he said.

The President maintained that his administration would continue to campaign on its policies and ideas.

“With your energy and support, we will never go back to Egypt. No regrets,” Tinubu declared.

He also expressed confidence in the economy’s direction, citing China’s reported economic growth of about 4.6 per cent as an indication that Nigeria was on the right trajectory.

“We are on the right trajectory. We are in good company. The economy is growing steadily,” he said.

Tinubu urged members of the movement to see their political mobilisation as an investment in their own future rather than merely an effort to secure his re-election.

“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,” he stated.

Meanwhile, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, warned that any move to restore petrol subsidy could trigger capital flight and push the naira towards N3,000 to N4,000 to the dollar.

Oyedele said even an indication that the government was considering reinstating the subsidy could prompt an immediate reaction from financial markets and increase borrowing costs.