The Federal Government has reaffirmed its commitment to sustaining Nigeria’s economic reforms, ruling out a return to petrol subsidy as the administration seeks to stabilise the economy, encourage investment and improve productivity.
The Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, disclosed the position on Monday at the 32nd Nigerian Economic Summit in Abuja.
The summit, themed “Growth That Works: Delivering Jobs, Productivity and Shared Prosperity,” brought together government officials, business leaders, economists and other stakeholders to discuss Nigeria’s economic outlook and strategies for achieving sustainable growth.
Bagudu said the government intended to maintain its reform programme, arguing that the measures were designed to address structural weaknesses in the economy and create a foundation for long-term development.
He maintained that reversing the reforms would risk returning the country to the economic distortions associated with the previous subsidy system.
The minister’s remarks reflect the administration’s position that difficult policy decisions are necessary to improve public finances, strengthen economic stability and create conditions for investment and employment.
The removal of petrol subsidy has remained one of the most contentious economic decisions of the Tinubu administration.
Although the government has defended the policy as necessary to reduce the financial burden of subsidy payments on public finances, the decision has also contributed to intense public debate over fuel prices, transportation costs and household purchasing power.
For many Nigerians, the immediate effects of higher energy and transportation costs have intensified concerns about the affordability of food, housing and other essential goods and services.
The government has argued that the savings and broader economic adjustments associated with its reforms can support development spending and improve the country’s long-term economic prospects.
However, the pace at which these expected benefits translate into improved living conditions remains a central issue in public discussions about the effectiveness of the policies.
Bagudu said the government would continue working towards economic stability, increased productivity, job creation and shared prosperity.
The administration’s position signals that it does not intend to reverse the central elements of its current economic programme, despite criticism from opposition politicians and Nigerians concerned about the cost of living.
As the country approaches the 2027 general elections, economic policy is expected to remain a major point of debate, with competing political groups offering different assessments of the reforms and their consequences.
The key challenge for the government will be demonstrating that its policies can deliver measurable improvements in household welfare while maintaining economic stability.