Tinubu Rejects Petrol Subsidy Return, Stands by Reforms

President Bola Ahmed Tinubu ruled out a return to the petrol subsidy regime, affirming his commitment to the economic reforms initiated since he took office in May 2023. Speaking on Monday at a special engagement with the City Boy Movement in Abuja, he defended his administration's economic policies and reiterated the importance of these reforms in addressing Nigeria's longstanding economic challenges.

He highlighted the decision to remove the petrol subsidy on his first day in office as essential, despite opposition calls for its restoration. President Tinubu discussed the economic difficulties his administration inherited, including excessive currency printing and fiscal pressures, and outlined ongoing reforms in taxation and monetary management.

He expressed satisfaction with the support from young Nigerians for his reform agenda and praised the City Boy Movement for its grassroots structures and community engagement. Additionally, he acknowledged the contributions of youth support groups and highlighted initiatives like the Nigerian Education Loan Fund (NELFUND), which has supported over one million students.