President Bola Tinubu has ruled out the possibility of restoring petrol subsidy, insisting that its removal was necessary to prevent Nigeria from facing a financial crisis.

The president made the statement on Monday during a meeting with members of the City Boy Movement, a youth-focused political group that promotes his administration’s policies.

Tinubu said the government could no longer afford to maintain the subsidy regime, arguing that the country lacked the financial resources to continue funding it.

Using a biblical and Quranic reference to explain his position, the president compared the decision to remove the subsidy to Moses’ departure from Egypt.

“I remember my scripture studies, both in the Bible and the Holy Quran. When Moses (Musa) left Egypt, the Red Sea parted and gave way. You cannot ask Moses to go back to Egypt,” he said.

Tinubu also praised the City Boy Movement for supporting his administration and urged its members to take the government’s achievements and plans to young people across the country.

He encouraged them to engage with Nigerians in campuses, markets and villages, while urging eligible voters to obtain their Permanent Voter Cards and participate in elections.

The president announced the removal of petrol subsidy during his inauguration on May 29, 2023. The policy led to an immediate increase in petrol prices, which rose from below ₦200 per litre to between ₦1,350 and ₦1,405 at major filling stations, according to the report.

The decision has attracted criticism over its impact on transportation costs, household expenses and the wider cost of living. However, the Federal Government has continued to defend the policy as part of its economic reform programme, arguing that ending the subsidy is necessary to improve the country’s finances.