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President Bola Tinubu has ruled out a return to petrol subsidy, insisting that he has no regrets about removing it on his first day in office and declaring that Nigeria would not return to what he likened to the biblical Israelites\u2019 life in Egypt.<\/strong><\/p>\n The President spoke on Monday evening at Together till 2027: An Evening with Original City Boy, an event organised by the City Boy Movement in collaboration with the Relax-Tinubu-Is-Fixing-Nigeria movement as part of efforts to mobilise support for his re-election bid.<\/p>\n Tinubu said the country was on the verge of bankruptcy when he assumed office on May 29, 2023, arguing that the government could no longer sustain the subsidy regime. Responding to political opponents advocating a return to fuel subsidy, the President invoked the biblical account of Moses leading the Israelites out of Egypt, insisting that the country should not reverse the policy.<\/p>\n \u201cYou cannot ask Moses to go back to Egypt,\u201d Tinubu said.<\/p>\n He added, \u201cWe wake up with ideas, original thoughts, and deep thinking to move this country forward. With your energy, your support, Nigeria will never go back to Egypt. No regrets.\u201d<\/p>\n The President said Nigeria was moving in the right direction economically, citing China’s reported economic growth of about 4.6 per cent as he expressed confidence in the country’s future.<\/p>\n \u201cThe economy is growing steadily. You will have a future, a future to believe in,\u201d he said.<\/p>\n Tinubu urged young Nigerians to support his administration ahead of the 2027 presidential election, saying the outcome would have implications for their future.<\/p>\n \u201cNigeria must win this election before any candidate does. You are not campaigning for me. You are campaigning for your own future, and that future is renewed hope. There’s nothing that will push us back,\u201d he said.<\/p>\n He also called on young people to obtain their Permanent Voter Cards and mobilise others to participate in the election. Tinubu defends economic reforms He said the government inherited outstanding obligations to airlines, weak foreign reserves and a practice of excessive currency printing.<\/p>\n \u201cWe owed money to airlines. They were almost cutting their flights to Nigeria. Our foreign reserve was nothing. We printed currencies as if there were no tomorrow,\u201d he said.<\/p>\n Tinubu said he chose to take responsibility for the country’s challenges rather than dwell on the shortcomings of his predecessor’s administration.<\/p>\n \u201cWe understood that a nation cannot borrow its way to greatness,\u201d he said, adding that critics had wrongly predicted that young Nigerians would reject the reforms. \u201cToday, more than a million students have been supported through NELFUND,\u201d he said. Vice-President Kashim Shettima said the Nigerian economy could have collapsed if Tinubu had not taken what he described as far-reaching decisions.<\/p>\n He credited the administration’s policies with helping to reposition the economy, citing reported growth of 4.43 per cent in the last quarter and foreign reserves approaching $60bn.<\/p>\n \u201cThe President took those far-reaching decisions. He had the courage of conviction and the knowledge to take those far-reaching decisions that repositioned the Nigerian economy, so that now, the economy grew by 4.43 per cent in the last quarter,\u201d Shettima said.<\/p>\n He acknowledged that Nigerians had endured economic hardship but argued that the situation could have been worse without the reforms.<\/p>\n \u201cYour Excellency, distinguished ladies and gentlemen, the President has to be commended, not demonised. Yes, Nigerians have gone through some tough times, but it could have been worse,\u201d he said.<\/p>\n Shettima also promised that the government would introduce measures to address agricultural challenges and bring down food prices.<\/p>\n \u201cBe reassured that in the coming weeks, the President will come up with robust responses to agricultural challenges, and prices of foodstuffs will certainly come down,\u201d he said.<\/p>\n \u201cI urge the youth of Nigeria. I beseech thee. I implore you to go out to the streets and tell the truth to other Nigerians,\u201d the Vice-President said.<\/p>\n Atiku’s subsidy proposal criticised Atiku, in an English rendering of a Hausa-language interview published on August 20, said: \u201cIf elected, I will bring back the oil subsidy.\u201d<\/p>\n He has, however, proposed a capped and audited production subsidy linked to domestic refining, arguing that the plan would not restore the former subsidy system in its previous form.<\/p>\n The Presidency criticised the proposal, describing it as a return to what it called a \u201cwasteful, corruption-ridden and financially burdensome\u201d arrangement.<\/p>\n Barau urges AI-driven campaign He urged the group to incorporate Tinubu’s political philosophy and record into its AI-generated content and use the platform to challenge claims by opposition candidates.<\/p>\n Barau said the movement should provide information about the administration’s policies and explain the factors contributing to the rising cost of living, which he partly attributed to international conflict.<\/p>\n Abbas promises public audit He said he would hold a media briefing within 14 days to present details of projects and interventions, alongside a record of the House’s legislative and oversight activities undertaken in partnership with the administration.<\/p>\n \u201cIt will not be a celebration; it will be an audit. Every intervention will carry a location, a value and a status,\u201d Abbas said. \u201cAnd where something remains undone, I will say so, because an account that tries to hide its gap is merely an advertisement,\u201d he said.<\/p>\n Abbas urged political officeholders to account for their contributions to the administration and proposed a common reporting format, with a 90-day timeframe.<\/p>\n He also called on the City Boy Movement to verify claims about projects by photographing sites and organising town hall meetings where officeholders could answer questions from constituents.<\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":"
\n\u201cI came, and I removed the subsidy the first day,\u201d he said, adding that there was \u201cnothing left to pay subsidy.\u201d<\/p>\n
\n\u201cMake sure every young person you know has a PVC and use it. Tell them what we have done, and tell them what we will do. Campaign with your ideas,\u201d he said.<\/p>\n
\nThe President acknowledged that the past three years had been difficult but defended the decisions taken by his administration, saying they were necessary to address the country’s economic challenges.<\/p>\n
\nThe President also defended the Students Loan Act, which he signed in 2023, saying he had no regrets about the decision.<\/p>\n
\nHe further praised his son, Seyi Tinubu, for engaging young people and organising them through the City Boy Movement, urging him to sustain his efforts.<\/p>\n
\nTinubu’s remarks came amid debate over a proposal by former Vice-President Atiku Abubakar to reintroduce a form of petrol subsidy if elected president.<\/p>\n
\nDeputy Senate President Barau Jibrin praised the City Boy Movement, describing it as a political organisation that uses human mobilisation alongside technology and artificial intelligence.<\/p>\n
\nSpeaker of the House of Representatives Tajudeen Abbas announced plans to publish an account of Tinubu’s interventions in his Zaria constituency in Kaduna State.<\/p>\n
\nHe added that unfinished projects would also be disclosed.<\/p>\n