Tinubu Rejects Fuel Subsidy Return, Defends Economic Reforms

In his Independence Day address on October 1, President Bola Tinubu firmly ruled out any return to Nigeria's petrol subsidy regime, describing calls for such a reversal as a “siren song.” He defended the economic reforms implemented since he took office in 2023, stating that these reforms confront longstanding weaknesses in the economy rather than merely alleviating their effects. Tinubu acknowledged the difficulties and real side effects of the reforms but argued that abandoning them would lead back to failed policies.

He compared Nigeria's economic situation to that of a cancer patient requiring painful treatment, asserting that previous administrations had opted for temporary relief instead of addressing the root problems. Tinubu highlighted improvements in Nigeria's economic outlook, including over four percent growth in 2026, a decline in oil theft, reduced inflation, rebuilt foreign reserves, and a stabilized foreign exchange market.

He noted that Nigeria achieved over $6 billion in non-oil export revenue in 2025, the highest in its history, and emphasized that international observers recognize the positive impact of the reforms.