TINUBU SPEAKS ON REFORMS, SAYS NIGERIA HAS “CROSSED THE RED SEA, NO GOING BACK TO EGYPT”

…Rules out return to petrol subsidy, says Nigeria must keep moving forward

By Yinka Giwa
President Bola Ahmed Tinubu on Monday declared that Nigeria would not reverse the economic reforms undertaken by his administration, saying the country had effectively “crossed the Red Sea” and would not return to the old petrol subsidy regime.

Tinubu spoke in Abuja at the forum, “Together Till 2027: An Evening with the Original City Boy,” organised by the City Boy Movement in conjunction with the Relax, Tinubu Is Fixing Nigeria movement.

The President used the biblical and Quranic account of Moses—or Musa—leading the Israelites out of Egypt to illustrate his determination not to reverse the subsidy removal announced at his inauguration on May 29, 2023.

“I remember my scripture studies, both the Bible and the Holy Quran. When Moses left Egypt, they faced the challenge, and the Red Sea parted and gave way,” Tinubu said.

“You cannot ask Moses to go back to Egypt.”

The President said he was aware that some of his political opponents had promised to restore petrol subsidy, but insisted that returning to the previous system was not an option.

Tinubu said his administration removed the subsidy because the country faced severe fiscal pressures and could no longer sustainably finance the arrangement.

“I came and I removed the subsidy the first day,” he said, arguing that Nigeria risked bankruptcy if the system continued.

“With your energy, your support, we will never go back to Egypt. No regrets.”

The declaration reinforced the metaphor Tinubu had used in his October 1 Independence Day address, when he told Nigerians that the country had “passed through our own Red Sea” after years of difficult economic adjustments and should now move from reform towards broadly shared prosperity.

At Monday’s gathering, Tinubu maintained that the economy was moving in the right direction and said his government would continue pursuing policies aimed at strengthening growth rather than reversing its reforms.

“We are on the right trajectory. We are in good company. The economy is growing steadily,” the President said.

Tinubu also turned attention to the 2027 election, urging his supporters to campaign on the administration’s record and future plans and to encourage young Nigerians to obtain and use their Permanent Voter Cards.

He said the coming campaign should be driven by ideas and what he described as “original thoughts and deep thinking” about Nigeria’s future.

The subsidy question is emerging as the issue in the run-up to the 2027 presidential election, with opposition figures criticising the government over the cost-of-living effects associated with higher petrol prices and some proposing a return to subsidy or other measures to sharply reduce pump prices.

The Tinubu administration, however, maintains that restoring the old subsidy regime would recreate the fiscal pressures and distortions that had dragged the nation into serious financial crisis in the past.