The Federal Government has ruled out any return to the petrol subsidy regime, insisting that President Bola Tinubu’s reforms were necessary to save the country from imminent collapse.
The Secretary to the Government of the Federation, Senator George Akume, made the declaration on Wednesday in Abuja at the 66th Independence Anniversary Lecture.
In a statement by his Special Adviser on Media and Publicity, Yomi Odunuga, Akume said: “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 in 2023, including the removal of the petrol subsidy, unification of the foreign-exchange market and tax and other fiscal reforms.
“These were difficult decisions, but necessary to rebuild stability and we have started enjoying the results,” he said.
Economic growth
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. He said the task now was to ensure the growth translates into jobs and higher incomes for Nigerians.
Gas and power
The SGF said the shift to gas was reducing fuel costs, disclosing that over 120,000 vehicles had been converted to Compressed Natural Gas (CNG), with more than 400 conversion centres and 90 fuelling stations nationwide.
According to him, CNG buses now carry millions of passengers at fares far below those of petrol buses.
On power, he said the government had tackled the sector’s challenges by clearing legacy debts, increasing investment, and improving transmission and billing.
Infrastructure and agriculture
Akume said the country had witnessed “massive investment in infrastructure” over the past three and a half years. He listed the Lagos–Calabar Coastal Highway, the Abuja-Kano highway, the East-West Road, rail modernisation and port reforms as projects that would improve trade routes and the economy. He added that the government was expanding mortgage finance to boost housing and jobs.
On agriculture, he said the World Bank had approved a $500 million credit for the Nigeria Sustainable Agricultural Value-Chains for Growth (AGROW) project, which he said would raise smallholder productivity, strengthen value chains, and improve food and nutrition security.
Youth, health and security
Noting that over 60 per cent of Nigerians are under 25, Akume said the government had expanded the Education Loan Fund to help students afford university and vocational studies, while strengthening technical and vocational institutes.
“Our young people are not just leaders of tomorrow – they are partners in building Nigeria today,” he said.
He also urged Nigerians in the diaspora to invest at home, saying they bring “not just remittances, but ideas, investments and pride.”
On health and social protection, he said the government was equipping thousands of primary healthcare centres and expanding cash transfers and essential services to vulnerable families.
On security, he saluted the armed forces and said the government was improving equipment, intelligence and coordination, backed by 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.
Minister speaks
Also speaking at the lecture, the Minister of Information and National Orientation, Mohammed Idris, said the economy recorded 4.43 per cent growth in the second quarter of 2026, adding that domestic refining capacity was expanding as investment returns to critical sectors.
He said the reforms of the past three years “have not been easy” and “have demanded sacrifice and patience from Nigerians.”
With the country approaching another electoral cycle, Idris said Nigeria 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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