President Bola Tinubu has defended the removal of Nigeria's fuel subsidy, arguing that reversing the policy would be akin to asking the biblical Moses to return to Egypt. Speaking on Monday evening at a forum titled "Together till 2027: An Evening with Original City Boy" in Abuja, Tinubu addressed members of the City Boy Movement, a political campaign structure supporting his re-election. According to Punch and Vanguard, the president insisted that Nigeria faces bankruptcy if it continues to bear the cost of the subsidy, stating that the country had "nothing left to pay subsidy" when he removed it on his first day in office in May 2023.
Tinubu drew on religious narratives from both the Bible and the Quran to illustrate his point, noting that when Moses left Egypt, the Red Sea parted and the Israelites moved forward. As reported by AllAfrica, the president said, "You cannot ask Moses to go back to Egypt," using the metaphor to argue that Nigeria must move forward with new economic ideas rather than reverting to previous systems. He also referenced China's economic growth rate of approximately 4.6 percent to suggest that Nigeria is on a similar positive trajectory.
The president's comments were a direct response to political opponents, particularly Atiku Abubakar, the presidential candidate for the African Democratic Congress (ADC), who has promised to restore the subsidy. AllAfrica reported that Atiku issued a statement criticizing Tinubu for celebrating the removal of the subsidy without adequately addressing its impact on the cost of living. Atiku described Tinubu as the "Egypt" that Nigerians are desperate to escape, arguing that the president lectures families struggling with food and transport costs while governing like a Pharaoh.
Finance Minister Taiwo Oyedele supported the president's stance, warning that restoring the subsidy could trigger capital flight and weaken the naira. ThisDay reported that Oyedele predicted the return of the subsidy might push the dollar to N3,000 and petrol to N5,000 per litre, potentially devastating the economy. The minister also noted that Nigeria is expected to outperform the International Monetary Fund's 4.1 percent growth forecast for 2026. The debate over fuel subsidies remains a central issue in Nigeria's political landscape, with the 2027 election approaching and economic pressures continuing to affect households and businesses.