President Bola Ahmed Tinubu, has ruled out a return to the petrol subsidy regime, declaring that Nigeria will not reverse the economic reforms introduced since he assumed office in May 2023, despite the challenges associated with their implementation.
The President made the declaration on Monday while addressing members of the City Boy Movement at a special engagement tagged, “An Evening with the Original City Boy,” at the State House, Abuja, where he defended his administration’s economic policies and reaffirmed his determination to building a more prosperous Nigeria.
President Tinubu said that the decision to remove petrol subsidy on his first day in office was necessary to confront longstanding economic challenges, insisting that the country could not afford to reverse the reforms despite renewed promises by some political opponents to restore the subsidy regime.
He recalled the economic difficulties inherited by his administration, including what he described as excessive currency printing, fiscal pressures and structural weaknesses, explaining that his government had since embarked on reforms in taxation, monetary management and other critical sectors to reposition the economy.
“Currency was being printed as if there was no tomorrow. That was a challenge, but rather than looking back, we took steps to address it and rebuild our tax system.” The President said.
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The President expressed satisfaction with the support of young Nigerians for his reform agenda, noting that despite predictions that the younger generation would reject the difficult policies, their continued engagement demonstrated confidence in the country’s future.
Reflecting on the gathering, President Tinubu said the enthusiasm and commitment of members of the City Boy Movement reinforced his conviction that the sacrifices associated with the ongoing reforms would contribute to building a stronger nation.
“I removed the fuel subsidy on my first day in office. Nigeria will not go back to that era. I hear my political opponents promising a return to the subsidy regime, but Nigeria must win this election before any candidate does.”
“I did not see a crowd. I saw Nigeria,”the President declared, explaining that the gathering reminded him of the reasons he sought the presidency and his daily commitment to national development,” he stated.
President Tinubu commended the movement for establishing extensive grassroots structures across states, local government areas and wards, describing its organisational approach, verifiable membership database, communication platforms and community engagement initiatives as an example of purposeful youth participation in national affairs.
He particularly acknowledged the contributions of youth support groups operating within Nigeria and across the diaspora, including those in London, Houston and Toronto, noting that their different identities and mobilisation platforms were united by a common aspiration for a better Nigeria.
The President also recognised the contributions of the All Progressives Congress National Youth Leader, Dayo Israel, and other youth leaders, assuring them that their efforts would not be overlooked in the administration or the forthcoming electioneering activities.
Highlighting his administration’s youth-focused interventions, President Tinubu identified the Nigerian Education Loan Fund (NELFUND), which he said had supported more than one million students, as a significant initiative designed to ensure that financial limitations do not prevent young Nigerians from accessing higher education.
He also referenced the Nigerian Consumer Credit Corporation (CREDICORP), established to expand access to credit for workers seeking to acquire essential assets, including laptops, vehicles, motorcycles and solar energy systems.
The President highlighted the Three Million Technical Talent (3MTT) programme as part of the administration’s efforts to equip young Nigerians with globally competitive digital skills and opportunities to participate in the international technology economy.
President Tinubu reaffirmed his commitment to appointing more qualified young Nigerians into positions of responsibility, maintaining that those who would inherit the consequences of today’s policy decisions deserved opportunities to participate in shaping them.
In a personal message to his son and Patron of the City Boy Movement, Seyi Tinubu, the President urged him to deepen his commitment to public service, youth engagement and responsible leadership.
“My son, Seyi, you have only started. Do more. Go further. Serve harder. Set an example that your own children, my grandchildren, will be proud to follow. Nigerians are watching, and they should know that serving your country is the highest honour.” he charged, stressing the importance of setting an example worthy of emulation by future generations.
Turning to the January 16, 2027 presidential election, President Tinubu challenged members of the movement to sustain grassroots engagement, encourage eligible Nigerians to obtain their Permanent Voter Cards and communicate the administration’s policies, achievements and development priorities.
He expressed confidence in the organisational capacity of the movement, describing the commitment demonstrated by its members as reassuring ahead of the elections.
The President, however, urged the young people to recognise that their political participation extended beyond supporting an individual candidate, stressing that their involvement in the democratic process was an investment in their collective future.
“My presence here tonight, your reaction and what I have seen have given me all the answers I needed and the confidence required for the coming election. I believe you will deliver that mandate.”
“You are not campaigning for me. You are campaigning for your own future, and that future is renewed hope,”
President Tinubu reaffirmed his determination to sustain the administration’s reform agenda without reversing the policy decisions already undertaken.
