Subsidy removal: I’ve no regret, we can’t go back to Egypt — Tinubu
President Bola Tinubu on Monday said he had no regret over the removal of fuel subsidy, insisting that Nigeria cannot return to “Egypt.” The post Subsidy removal: I’ve no regret, we can’t go back to Egypt — Tinubu…
President Bola Tinubu's removal of petrol subsidy, announced in his inauguration speech in May 2023, ended a decades-old policy under which the federal government paid to keep pump prices artificially low. The subsidy regime had long been criticised as costly and prone to abuse, consuming trillions of naira annually and squeezing government revenue, but its removal led to a sharp spike in fuel and transport costs that worsened inflation and the cost-of-living crisis for many Nigerians, drawing sustained criticism from labour unions and opposition figures who have called for a reversal or cushioning measures.
Tinubu's comments, invoking the biblical story of Moses leading the Israelites out of Egypt, are the latest in a series of public defences of the policy as a necessary, irreversible step to stabilise government finances and attract investment. The remarks come amid continued public debate over whether the promised palliatives and economic relief have adequately offset the hardship caused by the policy, with critics questioning the pace and distribution of support programmes while the administration insists the reform was unavoidable.