Nigerian Government Confirms No Return to Fuel Subsidy

The federal government of Nigeria has officially declared that it will not restore the fuel subsidy regime, as stated by the Secretary to the Government of the Federation, George Akume, during the 66th Independence Anniversary Lecture in Abuja. Akume noted that the removal of the fuel subsidy by President Bola Tinubu was a crucial decision aimed at preventing the collapse of Nigeria's economy.

He described the decision as difficult but necessary, asserting that Nigerians are beginning to reap the benefits of this policy change. Akume highlighted that since the Tinubu administration took office in 2023, it has implemented several bold measures, including the removal of the petrol subsidy, unification of the foreign-exchange market, and various fiscal reforms.

He cited World Bank reports indicating that Nigeria's real Gross Domestic Product (GDP) grew by 4.2 percent in the first half of 2026, an increase from 3.9 percent the previous year. Akume also mentioned the introduction of Compressed Natural Gas (CNG) as a means to alleviate the financial burden on citizens due to high petrol costs.