President Bola Tinubu has declared that he has no regrets about removing the fuel subsidy, insisting that Nigeria will not return to the policy.

Tinubu spoke on Monday at an event organised by the City Boy Movement and the Relax Tinubu Is Fixing Nigeria movement in support of his 2027 re-election bid.

The President said he removed the subsidy on his first day in office because the country could no longer afford its cost and was heading towards bankruptcy.

He compared the decision to the biblical account of Moses leading the Israelites out of Egypt, arguing that reversing the policy would amount to moving backwards. He also criticised opposition figures, including African Democratic Congress presidential hopeful Atiku Abubakar, over calls to restore the subsidy.

Tinubu acknowledged that the past three years had been difficult but defended his administration’s economic reforms as necessary. He said Nigeria faced serious financial challenges when he assumed office, including debts owed to airlines, dwindling foreign reserves and excessive currency printing.

The President said he chose to take responsibility for the country’s economic challenges rather than focus on the shortcomings of his predecessor, expressing optimism about Nigeria’s economic growth and future.