President Bola Tinubu has urged Nigerians to reject politicians promising to restore petrol subsidy, saying such a move would reverse the economic reforms of his administration.
Tinubu made the call on Thursday in his Independence Day address to Nigerians, as the country marked its 66th anniversary of independence.
The president said Nigeria had passed through the most difficult phase of the economic reforms introduced since he assumed office, declaring that the country was now moving from an “age of reform” into an “age of prosperity.”
He likened Nigeria’s pre-reform economy to a cancer patient whose successive governments had treated only the symptoms rather than confronting the underlying problems.
According to him, previous administrations repeatedly postponed difficult economic decisions while sustaining arrangements that he said were no longer financially viable.
“For too long, Nigeria’s leaders chose morphine while praying for a miracle that never came,” Tinubu said.
He said his administration chose to confront the structural weaknesses in the economy despite the hardship and disruption caused by the reforms.
The President specifically cautioned Nigerians against political promises to restore fuel subsidies, arguing that such a move would amount to abandoning the reforms.
“Now, as certain influential but regressive voices would have us abandon the treatment and return ourselves to the abuse of addictive subsidies, we must resist their siren song,” he said.
Tinubu maintained that the reforms did not create the economic weaknesses confronting Nigeria but were intended to address problems that had accumulated over time.
He also highlighted what he described as gains recorded since the reforms began, including economic growth, a decline in oil theft, falling inflation from its peak, improved foreign reserves and greater stability in the foreign exchange market.
The president said the economy grew by more than four per cent in 2026, with both the oil and non-oil sectors contributing to the growth.
He further said Nigeria recorded more than $6bn in non-oil export revenue in 2025, describing it as the highest in the country’s history.
Tinubu said the next phase of his administration’s economic programme would focus on reducing the cost of living by lowering the cost of producing and transporting goods.
“My fellow Nigerians, we have reached a turning point,” he said.
“The emergency treatment is over. The foundation has been repaired. The central economic task before us has changed. For three years, our overriding purpose was to correct our nation’s course.
“Now, our purpose is simple: shared and widespread prosperity.”
The President’s warning comes amid renewed political debate over the future of petrol subsidy ahead of the 2027 general election, with opposition presidential candidates Atiku Abubakar and Peter Obi both backing forms of subsidy restoration.
Atiku, the African Democratic Congress presidential candidate, said in August that he would restore the petrol subsidy if elected, arguing that Nigerians had not seen sufficient benefits from its removal.
“I did not oppose the removal of the oil subsidy, but where is the money? Where did it go? It was intended to reduce poverty and help children attend school. Where is the money now? It seems they are just stealing it,” Atiku said.
He also demanded an explanation for what his camp described as approximately N30tn in federation revenues, deductions, savings and transfers requiring reconciliation.
Peter Obi, presidential candidate of the Nigeria Democratic Congress, has also recently pledged to restore petrol subsidy if elected in 2027, saying his administration would first tackle corruption.
Obi made the statement at a town hall meeting for the Obi-Kwankwaso presidential ticket in Sokoto State, arguing that corruption was at the centre of the subsidy controversy.
“People are talking about subsidy but what is all about it is corruption. By removing the corruption, I assure you that we will bring back subsidy,” Obi said.
His latest position followed an earlier statement in August in which he said the removal of subsidy should not be reversed simply because of alleged mismanagement of its proceeds.
