President Bola Tinubu has ruled out any return to fuel subsidy, insisting that he has no regrets over its removal and that Nigeria cannot afford to reverse the policy.

Tinubu spoke on Monday, October 19, at a forum titled “Together till 2027: An Evening with Original City Boy”, held at the Old Banquet Hall of the Presidential Villa, Abuja. The event was organised by the City Boy Movement in collaboration with the Relax-Tinubu-Is-Fixing-Nigeria movement, both of which are mobilising support for his re-election bid.

The president defended his decision to remove the subsidy on May 29, 2023, arguing that Nigeria was heading towards bankruptcy and could no longer sustain the cost of the policy.

He also criticised former Vice President Atiku Abubakar over his reported promise to restore the subsidy if elected president.

Drawing on the biblical account of Moses leading the Israelites out of Egypt, Tinubu said Nigeria must not return to its previous economic path.

“I remember my scripture studies, both in the Bible and in the Holy Quran. You cannot ask Moses to go back to Egypt,” he said, insisting that the country would not reverse the policy.

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

Tinubu acknowledged that the past three years had been difficult for Nigerians, describing his administration’s economic decisions as tough but necessary. He said he had chosen to take responsibility for the country’s challenges rather than dwell on the failures of previous administrations.

“We understood that a nation cannot borrow its way to greatness,” he said.

Turning to the 2027 general election, Tinubu urged his supporters to see the contest as a decision about their own future rather than simply a campaign for his political survival.

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

The president also dismissed predictions that young Nigerians would reject his economic reforms, pointing to their attendance at the gathering as evidence of continued support.

“They were wrong. You are here,” he said.

He urged supporters to take his message to campuses, markets and villages and encouraged young Nigerians to obtain their Permanent Voter Cards (PVCs) and participate in the election.

Tinubu also defended the Students Loan Act, which he signed in 2023, saying he had no regrets about the initiative. He added that more than one million students had benefited from support through the Nigerian Education Loan Fund (NELFUND).

Vice President Kashim Shettima, who also addressed the gathering, defended the administration’s economic reforms, saying they had helped prevent an economic collapse. He also expressed optimism that Nigerians would receive relief from high food prices in the coming weeks.

The remarks come as political parties and support groups intensify mobilisation ahead of the 2027 presidential election, with the fuel subsidy debate remaining a major point of disagreement between the administration and its opponents.