Independence Day: Tinubu Government Takes Final Stand On Return Of Fuel Subsidy

The Federal Government has ruled out any plan to restore the petrol subsidy regime, with the Secretary to the Government of the Federation, George Akume, defending the economic reforms introduced by President Bola Tinubu’s administration since 2023.

According to Bush Radio Academy, Akume stated the government’s position while speaking at the 66th Independence Anniversary Lecture in Abuja, where he said the removal of petrol subsidy was among the difficult decisions taken to prevent further deterioration of the Nigerian economy.

Akume said the administration had also pursued other major reforms, including the unification of the foreign exchange market as well as tax and broader fiscal changes, describing the measures as necessary steps toward restoring economic stability.

“We will not return to the ruinous petroleum subsidy regime of the past,” Akume said, according to a statement issued by his Special Adviser on Media and Publicity, Yomi Odunuga.

The SGF acknowledged that the reforms were difficult but maintained that the government had begun to see what it described as positive results. He cited economic growth figures as part of the evidence being used by the administration to defend its policy direction.

According to Akume, World Bank figures showed that Nigeria’s real Gross Domestic Product grew by 4.2 per cent in the first half of 2026, compared with 3.9 per cent during the corresponding period of the previous year. He, however, said the government’s next task was to ensure that economic growth translated into more jobs and higher incomes for Nigerians.

Akume also highlighted the government’s investment in Compressed Natural Gas as part of its response to the impact of petrol price increases. He said the expansion of CNG-powered transportation was helping to reduce fuel and transportation costs for motorists and commuters.

The SGF maintained that the government would continue with the reform programme rather than return to the previous subsidy system. The Federal Ministry of Information has similarly argued that restoring petrol subsidy would undermine fiscal gains and reverse some of the economic reforms implemented since 2023.

The government has continued to promote CNG as an alternative fuel source, with the State House saying the expansion of CNG infrastructure is intended to reduce transport costs and support the transition away from reliance on petrol.

Akume’s latest declaration therefore reinforces the administration’s stated position that the petrol subsidy regime will not be restored, while the government focuses on consolidating its economic reforms and translating growth into improved living conditions for Nigerians.