Reported by: Ijeoma G | Edited by: Gabriel Osa
Abuja, Nigeria — President Bola Ahmed Tinubu has publicly reaffirmed that the removal of petrol subsidies and his government’s broader economic reform programme will not be reversed, describing the policies as essential for stabilising Africa’s largest economy. Speaking on February 3, 2026, at the State House in Abuja during a meeting with a World Bank delegation led by Managing Director of Operations Anna Bjerde, Tinubu defended the trajectory of reforms that have reshaped Nigeria’s fiscal and monetary landscape over the past two years. Verified reporting confirms that the president insisted the administration will “never look back” on the reforms despite early economic pain and public concern.
Tinubu acknowledged that the reforms initially imposed hardship on many Nigerians but asserted that such difficulty was unavoidable in pursuit of long‑term stability and growth. “Since we went into this tunnel of reform, we have our hands on the plough, and we’re never going to look back,” he said in remarks covered by multiple national outlets. The president highlighted that although the early stages of policy implementation were “painful” and challenging, the current macroeconomic environment is showing signs of improvement, with inflationary pressures easing from earlier highs.
Central to Tinubu’s defence is the removal of the longstanding petrol subsidy, a measure he announced early in his tenure in May 2023. For decades, Nigeria’s petrol subsidy had kept fuel prices artificially low but was widely criticised by economists for draining government revenues and exacerbating fiscal deficits. The policy had long been a source of debate and controversy, with past attempts to remove it triggering protests and political pushback. Since its abolition, the subsidy has been credited by government officials with reducing fiscal stress and redirecting funds toward developmental priorities, though it has also coincided with significantly higher petrol prices and cost‑of‑living pressures for many households.
The president also drew attention to reforms in Nigeria’s foreign exchange regime. The unification of multiple exchange rates into a single market‑determined framework aimed to eliminate distortions and stimulate investment, although it led to a sharp initial devaluation of the naira. Government spokespeople have argued that the rationalised exchange rate system has helped restore investor confidence and correct inefficiencies, even as price volatility affected consumers. Independent fiscal analyses, including those by the World Bank, have highlighted the substantial fiscal cost associated with the previous system and the benefits of unification for revenue collection.
At the State House meeting, Tinubu outlined agriculture and youth employment as pillars of his administration’s economic strategy. He emphasised the potential of Nigeria’s vast arable land and young population to drive growth, and noted ongoing efforts to scale mechanisation and support farmer productivity. He invited the World Bank to expand technical cooperation in areas such as improved seed distribution, mechanisation support and agribusiness value chains, linking these efforts to broader economic objectives.
World Bank officials at the meeting echoed support for the continuity and communication of the reforms, describing Nigeria’s policy consistency as a global reference point in discussions with other leaders and investors. Managing Director Anna Bjerde acknowledged the progress achieved despite implementation challenges and indicated that the bank’s Country Partnership Framework with Nigeria would align with goals of economic expansion, job creation and private sector development. She highlighted areas such as infrastructure investment, small and medium enterprise financing, and human capital development as key components of the partnership.
Despite the government’s emphasis on long‑term benefits, public reaction within Nigeria has been mixed. Economists and civil society have noted the hardship faced by many citizens in the wake of subsidy removal and currency adjustments. Elevated fuel costs, higher transport charges and general inflationary pressures have been significant concerns, particularly for low‑income households. Social movements and labour groups have at times mobilised in protest, arguing that the pace of reforms and cost increases have outpaced the expansion of social safety nets. These opposing views underscore the complex trade‑offs inherent in sweeping economic change.
Political figures and supporters of the reform have defended the president’s approach as courageous and necessary. They argue that decades of fiscal mismanagement and petrol subsidy expenditure left Nigeria’s public finances vulnerable, and that structural change was essential to prevent long‑term economic decline. Proponents point to projected fiscal savings and improved investment inflows as indicators of emerging stability. Independent sources reported that Nigeria conserved billions of dollars following the removal of the subsidy, with some estimates suggesting substantial annual savings that could be reallocated to infrastructure and social programmes.
Analysts note that Nigeria’s economic context presents both challenges and opportunities. The reforms undertaken by the Tinubu administration are seen as part of a broader attempt to shift the economy away from heavy dependence on oil revenues toward diversification into agriculture, manufacturing and services. The government has also pursued tax reforms, deregulation measures and efforts to attract foreign direct investment, seeking to modernise the economic framework and deepen financial markets. While these structural adjustments are lauded by many international observers, their translation into tangible improvements for average citizens remains debated among Nigerians.
Looking ahead, the administration has signalled its intent to maintain its reform agenda, prioritising stability, transparency and continuity. Tinubu’s insistence that the policies are irreversible reflects a strategic calculation that short‑term discomfort is outweighed by prospects for long‑term economic resilience. The sustained partnership with multinational financial institutions such as the World Bank indicates ongoing dialogue and support for Nigeria’s reform objectives, even as domestic pressures and public expectations continue to shape the national discourse.
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