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No Going Back on Subsidy Removal, Other Economic Policies – Tinubu
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President Bola Tinubu says he has no regrets over the removal of petrol subsidy and other economic reforms introduced by his administration, insisting that Nigeria could not borrow its way to greatness.
Meanwhile, Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has warned Nigerians against returning to petrol subsidy. He said the backtrack could trigger capital flight, undermining investor confidence and pushing the Naira to N3,000, N3,500 or even N4,000 per dollar.
But the Director of Media and Publicity of the African Democratic Congress (ADC) Presidential Campaign Council (PCC), Kola Ologbondiyan, challenged Oyedele to publish the economic model behind his warning that a return to fuel subsidy could push the naira to N4,000 per dollar.
The President spoke on Monday during the City Boys Movement retreat in Abuja, where he charged members of the group to mobilise support for his administration ahead of the 2027 general elections, insisting that the country’s future mattered more than the ambition of any individual candidate.
“No regrets,” Tinubu said, insisting that his administration would not be pushed back from its reform agenda.
He took a swipe at his political opponents, promising to restore the petrol subsidy, saying Nigeria could no longer afford to pay the fuel subsidy, and warning that reversing the policy would take the country back to an unsustainable economic path.
Defending his decision to remove the subsidy on his first day in office, Tinubu said the country was on the verge of financial collapse and could no longer afford the policy’s cost.
Tinubu also sought to reassure Nigerians about the direction of the economy, arguing that growth was steady and that the sacrifices associated with his reforms would ultimately offer citizens a future worth believing in.
Oyedele disclosed during a press briefing of the International Monetary Fund (IMF) and World Bank Annual Meetings in Bangkok, Thailand, yesterday, that investors had repeatedly questioned whether the government would abandon its reforms ahead of the next election cycle.
Ruling out the reversal of the government’s economic reforms, he maintained that any signal that Tinubu’s administration was contemplating or reinstating the subsidy would immediately affect financial markets, raise borrowing costs and worsen economic pressures on households.
“In all the meetings I have had, I came to a conclusion that the markets, including the domestic market, which you can read from the capital market, and the international market, have largely written off the opposition in Nigeria as unserious.
“If, for any reason, the President were to say we are merely considering the return of fuel subsidy, capital would react immediately, airfares would struggle, the naira would come under severe pressure, potentially moving towards 3,000, 3,500 or even 4,000.
The very fuel people want subsidised would become far more expensive in Naira terms,” Oyedele warned.
However, Ologbondiyan accused the Federal government of using fear to discourage debate on fuel subsidy, insisting that Nigerians deserve evidence, not alarming projections, on the potential economic consequences of restoring the policy.
Speaking to journalists, he described the minister’s warning as scaremongering and demanded that the government explain how it arrived at the projected exchange rate.
“The Minister of Finance is merely scaremongering. He cannot claim that a return to fuel subsidy will cause the naira to depreciate to N4,000 to the dollar without showing Nigerians the model behind that projection,” he said.
He questioned the reliance on investors’ concerns to oppose a subsidy’s return, challenging the government to identify the sources of the projections and disclose their calculations.
Headlines
Wike Begins Money-for-Vote Campaign, Dangles N10m Bounty for Abuja Councillors to Reelect Tinubu
Minister of the Federal Capital Territory, Nyesom Wike, has introduced what observers view as a novel dimension to Nigeria’s electoral process as he sensationally promised a N10 million cash reward to every councillor who “delivers” his ward for President Bola Tinubu and All Progressives Congress candidates at the 2027 general election.
Wike made the declaration at a Rainbow Coalition stakeholders’ meeting in Kwali Area Council, attended by traditional rulers, political stakeholders and residents.
The minister, according to Channels TV, urged councillors to mobilise residents and community groups to guarantee victory for the APC in their wards, attaching a price tag to electoral success.
“Any councillor that delivers his ward will get N10 million reward. Therefore, go and meet your leaders, go and meet your youth groups, go and consult with associations. Let’s deliver our ward to Mr President,” Wike reportedly announced.
The statement has triggered concerns over vote-buying, inducement of grassroots officials and the weaponisation of public office to compromise the 2027 polls.
Critics argue that dangling N10 million per ward to elected councillors blurs the line between legitimate mobilisation and financial inducement, reducing the election to a transactional contest where delivery is rewarded in cash.
With months to the general elections, the promise raises fresh questions about whether the will of voters will count, or whether wards will be delivered through coercion, compromise and cash.
Observers warn that when councillors – the closest elected officials to the people – are placed on a bounty, the stage is set for intimidation of opponents, manipulation of results and rigging at the polling unit level.
The development is being seen as part of a growing pattern of desperation within the political class to secure victory at all costs, even if it means monetising the electoral process and compromising its integrity before the first ballot is cast.
The National Chairman of All Progressives Congress (APC), Professor Nentawe Yilwatda, has declined to endorse Senate President, Godswill Akpabio, for another term as head of the National Assembly ahead of the 2027 general elections.
Yilwadta said he has no preferred candidate for the position, insisting that the decision would rest entirely with senators elected into the next National Assembly.
He made the remarks on Monday during an appearance on Channels Television’s Politics Today programme.
Asked whether the APC would return Akpabio as Senate President if he wins re-election, Yilwatda responded: “Let’s wait for the election first. I don’t have anybody in mind. The Senate will determine who they want to make the Senate President.”
His response comes despite growing support for Akpabio’s bid to retain the position beyond the current legislative term.
In October, senators publicly backed Akpabio’s return as President of the 11th Senate, with some lawmakers declaring that there would be no vacancy in the position.
Akpabio, who has led the Senate since June 2023, is seeking another term in the National Assembly.
However, Yilwatda’s remarks suggest that the APC leadership is not publicly committing itself to any candidate for the Senate presidency before the elections.
The Senate President is elected by members of the upper legislative chamber, meaning Akpabio would still need the support of his colleagues to retain the position even if he wins re-election.
During the same interview, Yilwatda also defended President Bola Tinubu’s physical fitness ahead of the 2027 presidential election and accused opposition parties of relying on blackmail during political campaigns.
The Senator representing Anambra Central, Victor Umeh, has warned Governor Chukwuma Soludo not to commit treachery against the Nigeria Democratic Congress (NDC) presidential candidate, Peter Obi, in the name of politics.
Umeh pointedly warned Soludo that his unwarranted attacks on Peter Obi would lead to a fight.
The lawmaker issued the warning while speaking at an unnamed gathering in the State, which was captured in a viral video.
Umeh unapologetically said any Igbo person who refuses to vote for Obi is an enemy of the race.
“People are saying that we have to support another person; if we do that, we are destroying ourselves. I’m an Igbo activist, and you can hear my voice in the Senate on all issues of national importance and particularly those that affect the Igbo.
“Peter is our conscience in this election. Any Igbo man who stands up to say we will not vote for Peter Obi is an enemy of the Igbo people, no matter who the person is.
“Nobody can try it here; I have been hearing a lot of things going on in this State. This government; I helped in installing it; nobody came here to be Governor of Anambra State since 2003 without my input. This one that his serving; I was a principal contributor to his ascending that office; he is holding that office in trust for all of us.
“Anything he does in that office, he must discharge it with honour and nobility, and it’s not by sabotaging our own brother.
“I’m saying it so that anybody who sees him can tell me that we don’t want to fight, but he should not commit what is called an abomination by wanting to destroy his brother in the name of politics.
“Nobody on the side is saying support Peter Obi. Everybody on the other side is saying support Tinubu. But we are saying let us stand for the truth. Peter Obi; this is the time, and if he makes it, the Igbo have made it.”
