FG rules out fuel subsidy return, cites growth at Independence lecture

The Federal Government has ruled out a return to the petrol subsidy regime, insisting President Bola Tinubu’s reforms were necessary to save Nigeria from “imminent collapse,” Vanguard reports.

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

“We will not return to the ruinous petroleum subsidy regime of the past,” Akume said, citing World Bank figures showing Nigeria’s GDP grew 4.2 percent in the first half of 2026, up from 3.9 percent a year earlier.

He disclosed that over 120,000 vehicles have been converted to Compressed Natural Gas, supported by more than 400 conversion centres and 90 fuelling stations nationwide, alongside continued investment in power, infrastructure and agriculture, including a $500 million World Bank credit for the AGROW agricultural project.

Akume further highlighted expanded education loans and vocational training for Nigeria’s youth, who make up over 60 percent of the population, while urging the diaspora to invest at home.

On security, he said the government was strengthening the military through a new National Threat Assessment and a five-year Strategic Defence Plan, stressing that “development and security go hand in hand.”

Minister of Information Mohammed Idris, also speaking at the lecture, said the economy grew 4.43 percent in the second quarter and that domestic refining capacity continues to expand.

He urged Nigerians to anchor political debate ahead of the next electoral cycle in “facts, verification and national cohesion” — a call underscoring the government’s effort to frame its reforms as painful but necessary sacrifices now bearing fruit.