66th Independence lecture: FG rules out return of petrol subsidy

The Federal Government has ruled out any possibility of returning to the petrol subsidy regime, with Secretary to the Government of the Federation, Senator George Akume, defending the economic reforms introduced by President Bola Tinubu.

Akume said the reforms, including the removal of petrol subsidy, were necessary to prevent Nigeria from slipping into deeper economic difficulties and to lay the foundation for long-term economic stability.

The SGF stated this on Wednesday in Abuja while speaking at the 66th Independence Anniversary Lecture. According to a statement issued by his Special Adviser on Media and Publicity, Yomi Odunuga, Akume said the government had no intention of reversing the subsidy removal.

FG defends subsidy removal

Akume said the administration took several difficult decisions shortly after assuming office in 2023, stressing that the measures were aimed at addressing longstanding economic challenges.

“We will not return to the ruinous petroleum subsidy regime of the past,” the SGF declared.

He identified the removal of petrol subsidy, unification of the foreign exchange market, tax reforms and other fiscal measures as some of the major steps taken by the administration.

According to him, although the reforms had imposed difficulties on Nigerians, they were necessary to rebuild the economy and create a more sustainable fiscal structure.

Akume said the government was beginning to see results from the measures, while acknowledging the need for economic growth to have a direct impact on the living conditions of Nigerians.

FG cites economic growth, CNG transition

The SGF, citing World Bank figures, 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 during the corresponding period a year earlier.

He, however, said the government’s focus should extend beyond headline economic growth to ensuring that the expansion generated employment opportunities and increased incomes for Nigerians.

Akume also highlighted the government’s transition from petrol-powered transportation to Compressed Natural Gas as part of efforts to reduce the impact of fuel costs on Nigerians.

He said more than 120,000 vehicles had been converted to CNG, with over 400 conversion centres and 90 fuelling stations established across the country.

The SGF said the initiative was helping to reduce transportation costs, noting that CNG-powered buses were carrying millions of passengers at fares lower than those of petrol-powered buses.

Government highlights power, agriculture investments

Akume also listed interventions in the power, infrastructure, agriculture, housing, education, healthcare and security sectors as part of the administration’s efforts to strengthen the economy.

He said the government had cleared legacy debts in the power sector and increased investment in transmission and billing infrastructure.

According to him, major road, rail and port projects were also being pursued to improve transportation and facilitate economic activities across the country.

The SGF further disclosed that the World Bank had approved a $500m credit for the Nigeria Sustainable Agricultural Value-Chains for Growth project.

He said the agricultural intervention was part of efforts to strengthen value chains and support economic growth through increased productivity and investment in the sector.

FG targets young Nigerians

Speaking on youth empowerment, Akume said more than 60 per cent of Nigeria’s population was below the age of 25, making investment in education, skills and employment a major priority.

He said the government had expanded the Education Loan Fund while strengthening technical and vocational institutions to equip young Nigerians with skills required by industry.

Akume said such interventions were intended to improve access to education and prepare young people for opportunities in the changing labour market.

He also stressed the importance of ensuring that the benefits of economic reforms reached Nigerians through increased opportunities and improved incomes.

Idris urges fact-based public discourse

The Minister of Information and National Orientation, Mohammed Idris, who also spoke at the lecture, said Nigeria’s economy grew by 4.43 per cent in the second quarter of 2026.

Idris said domestic refining capacity was expanding and investment was returning to critical sectors of the economy, while acknowledging that the reforms had required sacrifice and patience from Nigerians.

He said the government’s economic measures were part of broader efforts to reposition the country and strengthen its productive capacity.

As Nigeria prepares for another electoral cycle, the minister called for public discourse based on facts, verification and national cohesion.

Idris said political differences were legitimate in a democracy but should not undermine the shared national identity of Nigerians, urging citizens and public commentators to prioritise accurate information and national unity in their engagements.