TINUBU RULES OUT RETURN TO PETROL SUBSIDY

President Bola Tinubu has ruled out any return to Nigeria’s petrol subsidy regime, saying reversing the policy would undermine the economic reforms implemented by his administration.

Tinubu made the statement in his Independence Day address on Thursday, warning Nigerians against calls to return to what he described as an unsustainable subsidy system.

The President said the government had moved beyond the most difficult phase of its economic reforms and was now focused on improving living standards, creating jobs and expanding production.

He maintained that the removal of petrol subsidy was part of measures taken to address longstanding economic challenges and redirect public resources.

Tinubu said his administration would instead focus on policies aimed at reducing the cost of producing and transporting goods, with the expectation that this would help lower prices for consumers.

He also highlighted efforts to expand access to credit, improve infrastructure and support businesses and young Nigerians.

The President acknowledged that the reforms had created difficulties for many households but said the government was committed to addressing the effects of the economic adjustment.

He urged Nigerians to support the next phase of the reforms, which he said would focus on shared and broader prosperity.

Tinubu’s position comes amid continued public debate over the impact of fuel subsidy removal and the cost of living.