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President Bola Tinubu has firmly rejected calls for a return to a fuel subsidy regime in Nigeria, and likened reversing the policy to asking Moses to lead Israel back into exile in Egypt.
When addressing members of the City Boy Movement on Monday, the President stated that subsidies that drain the economy will remain a thing of the past, and emphasized that the continuity of the country’s finances depends on these subsidies.
Tinubu stressed that his government would not go back on the landmark decision, stressing that continuing payments would leave Nigeria worse off.
“Based on your ideas, I came and the first day I removed subsidies. No, Nigeria will go bankrupt. You have nothing left to pay subsidies,” said the President.
Admitting that the opposition continues to focus on the policy and promising to roll back the policy, Tinubu remained firm, arguing not to return the country to its previous economic condition.
“I listened to my political opponents promising the return of subsidies,” he said.
Utilizing his religious background, the President referred to the Biblical and Koranic narratives of Musa (Moses) to make his point, making it clear that Nigeria has Crossed the Red Sea on the subsidy issue and will not return to ‘Egypt’.
“Most importantly, sometimes I remember my scripture studies, both in the Bible and the Koran. When Moses and Moses left Egypt, they faced challenges and the Red Sea parted and made way.
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“You can’t ask Musa to return to Egypt. We will campaign with ideas and original thoughts and deep thinking to move this country forward. With your energy, your support, we will never return to Egypt,” Tinubu added.
Tinubu famously announced that “fuel subsidies have been abolished” upon his inauguration in May 2023. While this move was credited with removing a huge burden on government finances, it also led to a significant increase in petrol prices, which in turn, fueled inflation and contributed to the cost of living challenges facing Nigerians today.
The economic implications remain a hot topic, with the Minister of Finance and Coordinating Minister for the Economy, Taiwo Oyedele, warning earlier this month that rolling back subsidies could result in petrol pump prices soaring to N2,000 per litre.
