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The Federal Government has ruled out any return to petrol subsidy, insisting that the removal of the regime was one of the difficult decisions needed to stabilise Nigeria’s economy.
Secretary to the Government of the Federation, Senator George Akume, made the declaration on Wednesday in Abuja at the 66th Independence Anniversary Lecture.
Akume, in remarks delivered on behalf of the Federal Government, said the administration would not return to what he described as the “ruinous petroleum subsidy regime of the past”.
“We will not return to the ruinous petroleum subsidy regime of the past,” he said.
According to the SGF, the President Bola Tinubu administration took several difficult decisions after assuming office in 2023, including petrol subsidy removal, foreign exchange market unification, tax reforms and other fiscal measures.
“This administration took office in 2023 and immediately took bold decisions needed to save the nation from imminent collapse.
“Such decisions include the removal of the petrol subsidy, unification of the foreign-exchange market, tax and other fiscal reforms, etc.
“These were difficult decisions, but necessary to rebuild stability and we have started enjoying the results,” he said.
Citing World Bank figures, Akume said Nigeria’s real Gross Domestic Product grew by 4.2 per cent in the first half of 2026, compared with 3.9 per cent recorded a year earlier.
He, however, said the government must now ensure that economic growth translates into jobs and higher incomes for Nigerians.
“The task before us now is to ensure that growth translates into jobs and higher incomes for all Nigerians,” he said.
Akume also highlighted the government’s shift towards Compressed Natural Gas, saying more than 120,000 vehicles had been converted to CNG, supported by over 400 conversion centres and 90 fuelling stations across the country.
“This shift is cutting fuel costs for motorists and commuters. CNG buses now carry millions of passengers at fares far below those of petrol buses,” he said.
On electricity, the SGF said the government had taken steps to address longstanding challenges through the clearance of legacy debts, increased investment, improved transmission and better billing.
He also cited major infrastructure projects, including the Lagos-Calabar Coastal Highway, Abuja-Kano Highway, East-West Road, rail modernisation and port reforms, as projects expected to improve trade routes and economic activity.
Akume said the government was also expanding mortgage finance to support housing development and job creation.
On agriculture, he disclosed that the World Bank had approved a $500 million credit for the Nigeria Sustainable Agricultural Value-Chains for Growth project.
“This initiative will raise smallholder productivity, strengthen value chains, and improve food and nutrition security,” he said.
Addressing youth development, Akume said more than 60 per cent of Nigerians are below the age of 25, stressing the need to expand opportunities in education and skills development.
He said the government had expanded the Education Loan Fund and was strengthening technical and vocational institutions to equip young Nigerians with skills required by industry.
“Our young people are not just leaders of tomorrow – they are partners in building Nigeria today,” he said.
The SGF also urged Nigerians in the diaspora to invest in the country, saying their contribution goes beyond remittances to include ideas, investment and expertise.
On health and social protection, he said the government was equipping thousands of primary healthcare centres and expanding safety-net programmes, including cash transfers and essential services for vulnerable families.
On security, Akume commended the armed forces and said the government was improving equipment, intelligence and coordination, alongside 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.
