Tinubu Rules Out Fuel Subsidy Return, Says Nigeria Has Passed Through Its ‘Red Sea’

President Bola Ahmed Tinubu has ruled out a return to petrol subsidy, saying his administration will not reverse the policy despite the economic hardship faced by Nigerians.

Tinubu stated this in his October 1, 2026 nationwide broadcast marking Nigeria’s 66th Independence Anniversary, where he said the difficult phase of his administration’s economic reforms had passed.

The President described the reforms, including the removal of petrol subsidy, as necessary measures taken to correct what he described as longstanding economic weaknesses.

“When this administration assumed office, we resolved to do things differently. We chose to excise the cancer. The reforms that followed were difficult. The side effects were real. Yet, we must never confuse the medicine with the disease.”

Tinubu said the government had moved beyond what he described as the emergency phase of the reforms and was now focused on building on the changes already made.

“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.”

He said Nigeria had now “corrected its course” and urged Nigerians not to return to policies that preceded the reforms.

“Nigeria has corrected its course. We have passed through our own Red Sea. This is not the time to look back. Let us go forward together, with faith in ourselves, faith in our country, and faith that the sacrifices we have made will yield their reward.”

Tinubu has repeatedly defended the removal of petrol subsidy since announcing the policy at his inauguration in May 2023. His administration has argued that the subsidy placed a significant burden on public finances and that its removal would allow government resources to be redirected to infrastructure and other priorities.

The Presidency has also continued to reject calls for a return to the subsidy regime, instead promoting compressed natural gas (CNG) and other cheaper transport alternatives.

In September, Tinubu said the government would not return to what he described as the “ruinous petrol subsidy regime” and directed states to accelerate the deployment of CNG-supported transportation to reduce the impact of fuel costs on commuters.

The position contrasts with that of Atiku Abubakar, the presidential candidate of the African Democratic Congress (ADC), who has pledged to restore petrol subsidy if elected in the 2027 presidential election.

Atiku has repeatedly maintained that position, saying in August that he would restore the subsidy and pursue those accused of diverting funds previously allocated to the scheme.

The Presidency has challenged Atiku to explain the legal and fiscal basis of his proposal, citing provisions of the Petroleum Industry Act 2021 and the current market-based framework for petroleum pricing.

Meanwhile, petrol prices remain substantially higher than they were before the subsidy was removed. Pump prices currently vary by location, with reports placing prices around ₦1,370 to ₦1,450 per litre in parts of Abuja and surrounding areas.

Tinubu’s latest declaration means his administration intends to maintain the current deregulated petrol pricing framework while pursuing alternatives such as CNG-powered transportation and other measures aimed at reducing the wider cost of energy and transport.