“But Look, To Bring Back Fuel Subsidy Is To Take Nigerians Back To The Biblical Egypt–Awogbenle

According to a report by Punch, on Friday, November 13, 2026, Nigerian author, Seun Awogbenle, has warned against calls for the restoration of petrol subsidy, arguing that bringing back the policy would reverse the gains recorded under the ongoing economic reforms and further worsen Nigeria’s fiscal challenges.

Awogbenle maintained that the removal of the subsidy was necessary to address longstanding weaknesses in the country’s economic structure, particularly rising public debts, inadequate government revenue and the financial burden associated with multiple subsidy arrangements.

He argued that returning to the previous system would create additional pressure on government finances and undermine efforts to establish a more sustainable economic foundation.

The author stressed that Nigerians should focus on understanding the reasons behind the removal of petrol subsidy and finding ways to address the challenges arising from the policy rather than advocating its restoration.

According to him, the previous subsidy arrangement had become increasingly difficult to sustain because the government was spending substantial resources to maintain artificially low petrol prices.

He also warned that reversing the policy could expose the country to further financial difficulties and weaken the economic changes introduced to address existing structural problems.

Awogbenle made the remarks on Thursday while delivering a speech at the National Policy Dialogue organised by the Institute of Legislative Studies, University of Ilorin.

His lecture was titled, “Interrogating the Political-Economic Substance of the Debate on Fuel Subsidy Removal versus Restoration: Which Should Interest Nigerians?.”

During the presentation, he examined the economic arguments surrounding the removal of petrol subsidy and the growing calls for its return.

He explained that the discussion should go beyond political arguments and focus on the long-term financial implications of maintaining the subsidy system.

The communication strategist maintained that Nigeria had faced serious economic weaknesses before the policy was removed in 2023, making it necessary for the government to reconsider the arrangement.

He identified mounting debts, low revenue generation and the financial cost of maintaining multiple subsidies as some of the major challenges affecting the country’s economic foundations.

Awogbenle argued that the subsidy removal was part of the measures required to address these problems and create a more sustainable system for managing public resources.

The author further explained that before the removal of petrol subsidy in 2023, Nigeria had been borrowing money to maintain artificially low petrol prices, placing additional pressure on government finances.

He also stated that the country had been pledging crude oil that was yet to be produced to creditors as part of the financial arrangements used to sustain the subsidy system.

According to Awogbenle, this situation demonstrated the extent to which the previous policy had become financially unsustainable.

He likened the continued dependence on petrol subsidy to borrowing from the future, using a story about a husband who had exhausted his daily entitlement but approached his wife to borrow part of the allocation meant for the following day.

Through the illustration, he explained that maintaining the subsidy required the country to rely on resources and financial arrangements that could create greater difficulties in the future.

He maintained that such an arrangement could not provide a lasting solution to Nigeria’s economic challenges, insisting that the 2023 reforms were necessary to prevent further deterioration of the country’s financial position.

Awogbenle also identified the removal of petrol subsidy as one of several major economic policy changes introduced by President Bola Tinubu’s administration.

He listed foreign exchange liberalisation, banking sector recapitalisation and the clearing of foreign exchange backlogs alongside subsidy removal as important components of the government’s reform programme.

According to him, the policies were introduced to address structural weaknesses and improve the management of the Nigerian economy.

He argued that the different measures should be considered as part of a broader effort to reposition the country’s economic system rather than viewed as isolated decisions.

The communication strategist maintained that reversing the subsidy removal could undermine the direction of the reforms and recreate some of the financial difficulties that existed before 2023.

He stressed that the country needed to maintain focus on addressing the underlying economic problems that made the previous subsidy arrangement difficult to sustain.

However, he acknowledged that the implementation of the reforms had created additional economic difficulties for many Nigerians, particularly households struggling with the rising cost of living.

The author admitted that the economic reforms had produced unintended consequences, especially increases in food prices and transportation costs, which had placed considerable pressure on households across the country.

He recognised that the removal of petrol subsidy had affected the cost of transportation and contributed to the financial difficulties experienced by many Nigerians.

Despite acknowledging these challenges, Awogbenle maintained that restoring the subsidy was not the appropriate response to the hardship associated with the reforms.

He argued that the debate should instead concentrate on identifying practical measures to reduce the negative effects of the policies and provide relief for affected households.

According to him, addressing the consequences of the reforms would be more important than reversing the decisions taken to tackle longstanding economic weaknesses.

He also cautioned against treating the restoration of petrol subsidy as a solution to the country’s economic difficulties, insisting that such a move could create additional fiscal problems.

Awogbenle described calls for the return of the subsidy as dangerous, arguing that they could reverse the progress associated with the current economic policies and take the country backwards.

Speaking during the National Policy Dialogue at the University of Ilorin on Thursday, Awogbenle reiterated that the removal of petrol subsidy should be understood within the broader context of Nigeria’s economic challenges before 2023.

He maintained that the previous arrangement had placed an unsustainable financial burden on the country and that restoring it would undermine the efforts to address those problems.

The author insisted that attention should be directed towards managing the consequences of the reforms, particularly the rising cost of food and transportation, rather than returning to the former subsidy system.

He said, “But look, to bring back fuel subsidy is to take Nigerians back to the biblical Egypt. Even as mere political rhetoric, it is a dangerous proposition that sets Nigeria back by a mile.”

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