President Bola Ahmed Tinubu on Monday, October 19, 2026, forcefully defended his administration’s removal of the petrol subsidy, asserting that he has no regrets over the decision and declaring that Nigeria will never return to the subsidy era. Addressing critics of his economic reforms, the President likened proposals to restore subsidy payments to asking the biblical Moses to lead the Israelites back into Egypt.
Speaking at a youth engagement event organised by the City Boy Movement inside the Banquet Hall of the State House in Abuja, President Tinubu dismissed calls from political opponents, including former Vice President Atiku Abubakar, who have suggested rolling back key economic policies.
Reflecting on the state of the economy when he assumed office on May 29, 2023, the day he famously declared “fuel subsidy is gone”, President Tinubu stressed that continuing the subsidy would have bankrupted the nation. ”I came and I removed the subsidy on the first day. Nigeria would have gone bankrupt; it had nothing left to pay for subsidies. When Moses left Egypt, they faced challenges, and the Red Sea parted.
You cannot ask Moses to go back to Egypt. With your energy and support, never will we go back to Egypt. No regrets.” President Bola Ahmed Tinubu reiterated. Tinubu further highlighted that prior to taking tough fiscal measures, the country faced massive debt burdens, including unpaid arrears to international airlines and low foreign reserves, while resorting to unsustainable currency printing.
He pointed to recent macroeconomic indicators, including a steadily growing economy, as proof that Nigeria is on the right path. Several high-ranking government functionaries and youth leaders spoke at the State House gathering, underscoring the necessity of the administration’s policy trajectory: Vice President Kashim Shettima commended President Tinubu’s courage, noting that without the far-reaching economic decisions taken early in the term, the country’s economy would have faced outright collapse.
“The President has to be commended, not demonized. Yes, Nigerians have gone through some tough times, but it could have been worse,” Shettima said, urging the youth to take the true story of national rebuilding to the streets. Bayo Onanuga (Special Adviser to the President on Information and Strategy): Reinforced the administration’s stance in statements following the event, noting that the administration remains focused on long-term economic stability rather than short-term populist palliatives.
Shoga Obulu (Director-General, City Boy Movement): Stated that the movement is targeting over 10 million youth votes across all 36 states and the Federal Capital Territory to support the administration’s ongoing reform agenda. Dr. Jamila Bio Ibrahim (Minister of Youth Development): Highlighted the administration’s investments in young Nigerians through initiatives such as the Nigerian Education Loan Fund (NELFUND), which President Tinubu noted has already supported over one million students.
The event, attended by members of the Federal Executive Council, National Assembly lawmakers, and youth representatives from across the country, served as a platform for the ruling All Progressives Congress (APC) support groups to outline grassroots mobilization strategies ahead of upcoming electoral cycles.
President Tinubu urged the Nigerian youth to remain steadfast and take ownership of their future, maintaining that his administration will continue to implement bold, original ideas to secure sustainable growth for the nation.
