FG Confirms No Return to Petrol Subsidy, Says Akume

On October 1, during the 66th Independence Anniversary Lecture in Abuja, Senator George Akume, the Secretary to the Government of the Federation, announced that the Federal Government has ruled out any possibility of reinstating the petrol subsidy regime. Akume defended the economic reforms introduced by President Bola Tinubu, stating that the removal of the petrol subsidy was essential to prevent deeper economic difficulties and to establish a foundation for long-term stability.

He emphasized that the government had made several tough decisions since assuming office in 2023, including the unification of the foreign exchange market and tax reforms. While acknowledging the hardships these reforms have caused, Akume noted that they were necessary for rebuilding the economy.

He cited a 4.2% growth in Nigeria's real Gross Domestic Product in the first half of 2026 and highlighted the transition to Compressed Natural Gas for transportation as a measure to alleviate fuel cost impacts. Akume also mentioned ongoing investments in various sectors, including power and agriculture.