We won’t return fuel subsidy, FG declares at Independence lecture

By Omeiza Ajayi

ABUJA: The Federal Government has ruled out a return to the petrol subsidy regime, insisting that the reforms of President Bola Tinubu were necessary to save Nigeria from imminent collapse.

Secretary to the Government of the Federation SGF, Senator George Akume, made the declaration on Wednesday in Abuja at the 66th Independence Anniversary Lecture.

Akume’s Special Adviser on Media and Publicity, Yomi Odunuga, in a statement said the SGF categorically declared that; “We will not return to the ruinous petroleum subsidy regime of the past”.

He said the administration took hard decisions from the day it assumed office.

“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 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 said the shift to gas was cutting fuel costs. He disclosed that over 120,000 vehicles have been converted to Compressed Natural Gas CNG, with more than 400 conversion centres and 90 fuelling stations nationwide.

“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.

On power, Akume said the government has tackled the sector’s problems “by clearing legacy debts, increasing investment, and improving transmission and billing.”

He said the country had witnessed “massive investment in infrastructure” over the past three and a half years.

According to him, the Lagos–Calabar Coastal Highway, the Abuja-Kano highway, the East-West Road, rail modernisation and port reforms would dramatically improve trade routes and the economy.

He added that the government is expanding mortgage finance to boost housing and jobs.

On agriculture, Akume said the World Bank has approved a $500 million credit for the Nigeria Sustainable Agricultural Value-Chains for Growth (AGROW) project.

“This initiative will raise smallholder productivity, strengthen value chains, and improve food and nutrition security,” he said.

Addressing youth empowerment, he said over 60 per cent of Nigerians are under 25.

“We have expanded the Education Loan Fund so that millions of students can afford university and vocational studies. We are strengthening technical and vocational institutes to teach the skills that industry needs. Our young people are not just leaders of tomorrow – they are partners in building Nigeria today,” he said.

He also called on the diaspora to invest at home, saying they bring “not just remittances, but ideas, investments and pride.”

On health and social protection, the SGF said the government is equipping thousands of primary healthcare centres and expanding safety nets to provide cash transfers and essential services to vulnerable families. On security, he saluted the armed forces and said the government is improving equipment, intelligence and coordination, with a new National Threat Assessment and a five-year Strategic Defence Plan.

“Nothing matters more than the safety of our people. When communities have opportunities and trust in justice, crime and violence decline. In that sense, development and security go hand in hand,” he said.

In his remarks at the lecture, the Minister of Information and National Orientation, Alhaji Mohammed Idris, said the economy recorded 4.43 per cent growth in the second quarter of 2026.

Idris said domestic refining capacity is expanding, with investment “returning to critical sectors.”

He said the reforms of the past three years “have not been easy” and “have demanded sacrifice and patience from Nigerians.”

The minister said as the country approaches another electoral cycle, it “carries a special responsibility to promote informed public discourse anchored on facts, verification and national cohesion.”

“Political differences are legitimate in a democracy; they must never diminish our common identity as Nigerians,” he said.

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