President Bola Tinubu has ruled out the possibility of restoring petrol subsidy, maintaining that reversing the policy would undermine the economic reforms introduced by his administration.

The President stated this on Monday while addressing members of the City Boy Movement, a youth support group, at a meeting in Abuja, where he defended his decision to end the subsidy and called on young Nigerians to communicate his administration’s policies to communities across the country.

Tinubu said the removal of the subsidy was necessary to prevent further strain on government finances, arguing that the country could no longer sustain the cost of the previous arrangement.

Reflecting on his decision, he said his administration had acted because the resources required to maintain the subsidy were no longer available.

The President also dismissed calls by political opponents for a return to the policy, using a religious reference to illustrate his position.

Recalling the biblical and Quranic account of Moses leading the Israelites out of Egypt, Tinubu said the country should not reverse its current economic direction.

“You cannot ask Moses to go back to Egypt,” he said, insisting that Nigeria would not return to the subsidy regime.

Tinubu commended members of the City Boy Movement for supporting his administration and encouraged them to take information about the government’s activities and plans to young people at the grassroots.

He urged members to engage with people in schools, markets and rural communities, encouraging eligible young Nigerians to obtain their Permanent Voter Cards (PVCs) and participate in elections.

The President also called on the group to communicate his administration’s record and future plans through direct engagement and the use of ideas.

The fuel subsidy was removed on May 29, 2023, when Tinubu announced the decision during his inauguration. The policy change triggered an increase in petrol prices, contributing to higher transportation costs and intensifying concerns about the cost of living.

Petrol prices have since risen considerably, with the source report putting prices at between N1,350 and N1,405 per litre at major filling stations.

The policy has remained a subject of public debate as households and businesses contend with higher expenses. While critics have raised concerns about its effects on living standards, the Federal Government has defended the decision as part of its broader economic reform programme.

Tinubu’s latest remarks reaffirm his administration’s position that the country will not return to the former petrol subsidy arrangement.

Source: Channels Television.