Tinubu says naira would have been worthless without his reforms, rules out subsidy return

President Bola Tinubu has defended his removal of the fuel subsidy, saying the naira would have become worthless if his government had kept it.
What he said
Speaking at a state reception in his honour in Uyo, Akwa Ibom State, on Friday, 6 November 2026, after an APC rally at the Godswill Akpabio International Stadium, Tinubu said 27 of the 36 state governors could not pay salaries when he took office, let alone pensions and gratuities. He argued that his reforms had moved the country away from the risk of bankruptcy, and said that without them Nigerians would by now need wheelbarrows to carry their money. He put the exchange rate at about ₦1,300 to the US dollar and said Nigeria would never go back to the subsidy.
The visit
The reception followed a day in which the President inaugurated several projects in Akwa Ibom, including a new terminal at Victor Attah International Airport, and approved a request by Governor Umo Eno for the Ibom Deep Seaport. Vice-President Kashim Shettima used the same visit to criticise NDC candidate Peter Obi.
Background
Tinubu announced the end of the petrol subsidy in his inauguration speech in May 2023, and his government also unified the exchange rate. The reforms led to sharp rises in fuel and food prices. Opposition candidates, including Atiku Abubakar and Peter Obi, have criticised the way the reforms were carried out, while the government says they were needed to save the economy and has introduced relief measures such as the ₦50,000 monthly grant to selected households.
Why it matters
The cost of living is expected to be one of the main issues in the January 2027 election.
- Tinubu says Nigeria will never return to the subsidy.
- He says 27 states could not pay salaries in 2023.
- He spoke at a reception in Uyo.



