The Presidency has strongly cautioned against calls to reinstate the petrol subsidy regime, warning that any attempt to roll back the policy could financially cripple the Nigerian National Petroleum Company Limited (NNPCL) and derail recent progress in the energy sector. ​
The warning was issued on Tuesday, September 29, 2026, at approximately 7:30 PM WAT, during an official media briefing at the State House Presidential Villa in Abuja.
​Addressing correspondents, Special Adviser to the President on Information and Strategy, Bayo Onanuga, stated that returning to the subsidy structure would compromise the operational and financial viability of NNPCL as a commercialized entity. ​
“Returning to the fuel subsidy will kill NNPCL,” Onanuga stated, urging political stakeholders and the public to resist calls for a policy reversal.
“Our country has no business taking 100 steps back. Forward ever!” ​Highlighting the fiscal rationale behind sustaining the deregulated market, Onanuga pointed to significant performance gains recorded by NNPCL since the total removal of the fuel subsidy regime. ​
According to figures released during the briefing, Crude Oil & Condensate Production, reached an average of 1.77 million barrels per day (bpd), marking its highest level in five years. Natural Gas Output, scaled to 7.2 billion standard cubic feet per day, a three-year peak.
Operating cash flow expanded by 16%, rising to ₦12.8 trillion. Return on Equity Improved by 200 basis points, reaching 16% and Declared Dividend, surged by 35% to ₦5.8 trillion. ​
The Presidency emphasized that these financial returns have directly boosted revenues flowing into the Federation Account, allowing federal, state, and local governments to better fund public infrastructure and social development programs. ​
The State House spokesman further argued that reintroducing subsidy payments would stifle investments in local refining infrastructure, particularly private sector initiatives like the Dangote Petroleum Refinery as well as emerging modular refineries across the country.
​The administration reaffirmed its commitment to maintaining a fully market-driven downstream petroleum sector, insisting that structural economic reforms are necessary to guarantee long-term stability and energy security for Nigeria.
