Moses Can’t Return To Egypt – Tinubu Rules Out Fuel Subsidy

President Bola Tinubu has ruled out a return to petrol subsidy, declaring that Nigeria cannot afford to continue funding the policy.

He particularly likened calls for its restoration to asking Moses to return to Egypt after leading the Israelites out of bondage.

Tinubu spoke on Monday while addressing members of the City Boy Movement at the State House in Abuja.

He maintained that reversing the subsidy removal would threaten the country’s finances and undermine the direction of his economic reforms.

“With your ideas, I came and I removed subsidy the first day. No, Nigeria will go bankrupt. There is nothing left to pay subsidy,” the President said.

He acknowledged that his political opponents had promised to restore the subsidy but insisted that the country must not return to its previous economic path.

“I listen to my political opponents promising a return to subsidy,” he said.

Drawing from his religious studies, Tinubu referenced the biblical and Quranic accounts of Moses and Musa leading the Israelites out of Egypt to argue that Nigeria must continue moving forward rather than reverse its economic policies.

“Most of all, sometimes I remember my scriptural studies, both in the Bible and in the Holy Koran. When Moses and Musa left Egypt, they faced the challenge and the Red Sea parted and gave way.

“You cannot ask Moses to go back to Egypt. We will campaign with ideas and original thoughts and deep thinking to move this country forward. With your energy, your support, never will we go back to Egypt,” he added.

Recall that Tinubu announced the removal of petrol subsidy during his inauguration on May 29, 2023.

The decision led to an increase in petrol prices, triggering higher transportation costs and contributing to rising prices of goods and services across the country.

Politics Nigeria reports that the policy has remained a major subject of political debate as Nigerians grapple with the rising cost of living. Opposition figures and other political actors have questioned aspects of the Federal Government’s economic reforms, with some advocating a return to subsidy payments.

Earlier in October, Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, warned that restoring petrol subsidy could push the pump price to at least N2,000 per litre and weaken the naira to about N3,000 per dollar within months.

Oyedele argued that renewed subsidy payments would place additional pressure on government revenue and threaten economic stability.

The Federal Government has also defended a recent intervention by the Nigerian National Petroleum Company Limited to cushion the impact of rising petrol prices, insisting that the measure did not amount to a reversal of the subsidy-removal policy.

Meanwhile, Tinubu also urged members of the City Boy Movement to focus their political mobilisation on the future of Nigerian youths ahead of the coming election.

The President told the movement’s national leadership that the election should be about the country’s future rather than the ambitions of individual candidates.

“Nigeria must win this election before any candidate does. You are not campaigning for me. You are campaigning for your own future,” he said.

Tinubu also expressed confidence in the direction of the economy, telling the delegation that the country was making progress and that young Nigerians had a future to believe in.

“Economy is growing steadily. You will have a future, a future to believe in,” he said.

He further assured the group that his administration would not allow the country to return to its previous economic path.

“There’s nothing, nothing that will push us back,” the President added.

Tinubu said the meeting reinforced his belief that the movement remained committed to his vision for the country.

“What I’ve seen here tonight is the fact that your hope, my hope, has been renewed,” he said.

The City Boy Movement is a youth-driven political advocacy organisation that supports Tinubu’s administration and re-election bid.

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