President Bola Ahmed Tinubu has urged Nigerians to reject calls for the return of petrol subsidies, describing such demands as a “siren song.”
Tinubu made the remarks in his Independence Day address to Nigerians on Wednesday, October 1, amid growing political debate over fuel subsidy policy ahead of the 2027 general election.
The President said some influential voices were pushing for a reversal of his administration’s reforms by advocating a return to fuel subsidies.
“Now, as certain influential but regressive voices would have us abandon the treatment and return ourselves to the abuse of addictive subsidies, we must resist their siren song,” Tinubu said.
“We must remember why we began this journey and how far we have already come.”
Tinubu maintained that the economic reforms introduced by his administration did not create Nigeria’s economic problems but were intended to address challenges that previous governments had postponed.
He said the Nigerian economy grew by more than four per cent in 2026, with both the oil and non-oil sectors contributing to the growth.
According to the President, oil theft has declined, inflation has fallen from its peak, foreign reserves have increased, while the foreign exchange market has become more stable.
Tinubu also said Nigeria recorded more than $6 billion in non-oil export revenue in 2025, describing the figure as evidence of economic activity driven by Nigerian businesses.
“According to him, this is real money being made by real Nigerian businesses,” the President said.
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