President Bola Tinubu has firmly shut the door on any plans to reintroduce the petrol subsidy regime, firing back at political opponents who have proposed bringing it back to cushion economic hardships. Addressing recent public discussions and political debates surrounding soaring fuel prices, the President labeled calls for a subsidy comeback as a step in the wrong direction. He emphasized that the old system was entirely ruinous, consuming trillions of naira while leaving the Nigerian economy heavily vulnerable to volatile international oil price fluctuations. Rather than reverting to what he described as an unsustainable policy, Tinubu is doubling down on domestic alternatives, pointing to the aggressive rollout of Compressed Natural Gas (CNG) and electric-powered mass transit systems as Nigeria’s ultimate shield against global energy shocks.
Highlighting ongoing progress, the administration noted that various states are already witnessing active vehicle conversions and reduced transport fares, with further coordinated cost-of-living reductions slated to roll out for commuters. While citizens continue to navigate the intense financial pressures of the current economic climate, the presidency remains clear that the path forward relies on gas-backed homegrown energy independence rather than a return to old subsidy burdens.
