President Bola Tinubu says his decision to remove the petrol subsidy in 2023 was aimed at preventing Nigeria from going bankrupt.

Tinubu made the remarks during a meeting with members of the City Boys Movement in Abuja on Monday, as political activities gather momentum ahead of the 2027 presidential election.

The President dismissed promises by opposition candidates to restore the subsidy if elected, insisting that the country could no longer afford the cost of maintaining it.

According to Tinubu, the government had insufficient resources to sustain the subsidy when he assumed office.“I came and I removed subsidy the first day.

Nigeria will not go bankrupt because there is nothing left to pay subsidy,” the President said.He added that he had listened to opposition politicians promising to restore the subsidy but remained convinced that such a move was not the way forward.

Tinubu also said his administration would campaign ahead of the 2027 election based on policies and ideas aimed at moving the country forward.

“We will campaign with ideas, original thoughts and thinking to move this country forward,” he said.

The President announced the removal of the petrol subsidy during his inauguration on May 29, 2023, arguing that the policy had largely benefited a few Nigerians.

Since the announcement, the decision has triggered widespread debate over its economic implications, particularly its impact on transportation costs, food prices and the cost of living.

With the 2027 presidential election approaching, opposition politicians have pledged to restore the subsidy as part of measures to ease the economic hardship faced by Nigerians.