Independence Day: Tinubu Govt Declares Final Position On Bringing Back Fuel Subsidy

Petrol Key Takeaways The Federal Government, through Secretary to the Government of the Federation, George Akume, said it will not bring back petrol subsidy in Nigeria. George Akume said President Bola Tinubu removed fuel subsidy in 2023 to stop economic collapse, alongside forex unification and tax reforms. George Akume cited World Bank reports of 4.2 per cent GDP growth in first half of 2026, and said CNG is reducing fuel costs and fares. The federal government has ruled out any chance of restoring the fuel subsidy regime in Nigeria.

The Secretary to the Government of the Federation, George Akume, who made the position of the government known while speaking during rhe independence lecture on Wednesday, said fuel subsidy was removed by President Bola Tinubu to save Nigeria’s economy from collapse.

Naija News reports that Akume made the declaration while speaking in Abuja at the 66th Independence Anniversary Lecture.

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

The SGF emphasized that part of the difficult decisions the current administration had to take to save Nigeria’s economy from collapse was the fuel subsidy removal.

He streessed that the actions were difficult but necessary, adding that Nigerians have started enjoying the benefits.

“This administration took office in 2023 and immediately took bold decisions needed to save the nation from imminent collapse. Such decisions include the removal of the petrol subsidy, unification of the foreign-exchange market, tax and other fiscal reforms, etc. These were difficult decisions, but necessary to rebuild stability and we have started enjoying the results,” he said.

Citing reports from the World Bank, Akume said Nigeria’s real Gross Domestic Product (GDP) grew by 4.2 per cent in the first half of 2026, up from 3.9 per cent a year earlier.

“The task before us now is to ensure that growth translates into jobs and higher incomes for all Nigerians,” he said.

The SGF added that the introduction of the Compressed Natural Gas (CNG) has cushioned citizens from the high cost of petrol.

“This shift is cutting fuel costs for motorists and commuters. CNG buses now carry millions of passengers at fares far below those of petrol buses,” he said.

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