On October 1, 2026, President Bola Tinubu addressed Nigerians on the country's 66th Independence Day anniversary, urging citizens to reject politicians who promise to restore the petrol subsidy. Tinubu stated that such a move would reverse the economic reforms of his administration, which he believes are crucial for Nigeria's progress. He emphasized that the country has passed through the most difficult phase of these reforms and is now moving towards an "age of prosperity."
Tinubu likened Nigeria's pre-reform economy to a cancer patient who had only been treated for symptoms rather than the underlying problems. He claimed that previous administrations had postponed difficult economic decisions, sustaining arrangements that were no longer financially viable. The President said his administration chose to confront the structural weaknesses in the economy, despite the hardship and disruption caused by the reforms.
The President specifically cautioned Nigerians against political promises to restore fuel subsidies, arguing that it would amount to abandoning the reforms. He described the subsidies as an "abuse of addictive subsidies" and warned against the "siren song" of regressive voices. Tinubu maintained that the reforms did not create the economic weaknesses confronting Nigeria but were intended to address problems that had accumulated over time.
Tinubu highlighted the gains recorded since the reforms began, including economic growth, a decline in oil theft, falling inflation, improved foreign reserves, and greater stability in the foreign exchange market. The president said the economy grew by more than four percent in 2026, with both the oil and non-oil sectors contributing to the growth. He also mentioned that Nigeria recorded more than $6 billion in non-oil export revenue in 2025, the highest in the country's history.
The President's warning comes amid renewed political debate over the future of petrol subsidy ahead of the 2027 general election. Opposition presidential candidates Atiku Abubakar and Peter Obi have both backed forms of subsidy restoration. Atiku, the African Democratic Congress presidential candidate, said in August that he would restore the petrol subsidy if elected, arguing that Nigerians had not seen sufficient benefits from its removal.
Peter Obi, presidential candidate of the Nigeria Democratic Congress, has also pledged to restore petrol subsidy if elected in 2027, saying his administration would first tackle corruption. Obi made the statement at a town hall meeting in Sokoto State, arguing that corruption was at the centre of the subsidy controversy. He assured that by removing corruption, his administration would bring back subsidy.
Tinubu's address emphasized that the next phase of his administration's economic programme would focus on reducing the cost of living by lowering the cost of producing and transporting goods. He stated that the central economic task before Nigeria has changed, and the purpose is now simple: shared and widespread prosperity. The President's statement is a clear indication of his commitment to sustaining the economic reforms and pushing for long-term prosperity.
Key points
- President Bola Tinubu urges Nigerians to reject politicians promising to restore petrol subsidy.
- The President highlights gains recorded since the reforms began, including economic growth and improved foreign reserves.
- Opposition presidential candidates Atiku Abubakar and Peter Obi have backed forms of subsidy restoration ahead of the 2027 general election.
