The Federal Government has firmly ruled out a return to the petrol subsidy regime, describing its removal as a critical and necessary measure to stabilize the nation’s economy.
The Secretary to the Government of the Federation (SGF), Senator George Akume, made the declaration on Wednesday in Abuja during the 66th Independence Anniversary Lecture. Addressing attendees on behalf of the administration, Akume emphasized that the government remains committed to its current economic trajectory.
“We will not return to the ruinous petroleum subsidy regime of the past,” Akume stated.
The SGF reflected on the administration’s tenure since 2023, noting that the government inherited a country on the brink of economic collapse. He categorized the removal of the petrol subsidy, the unification of the foreign exchange market, and ongoing tax and fiscal reforms as “difficult but necessary” steps toward national recovery.
Citing World Bank data, Akume reported that Nigeria’s real Gross Domestic Product (GDP) grew by 4.2 percent in the first half of 2026, up from 3.9 percent in the same period the previous year. He acknowledged, however, that the government’s primary challenge remains ensuring that this macroeconomic growth translates into tangible job creation and increased household income.
Highlighting the transition to cleaner energy, Akume noted that the government’s Compressed Natural Gas (CNG) initiative is gaining momentum, with over 120,000 vehicles converted across more than 400 centers and 90 fueling stations.
“This shift is significantly reducing fuel costs for motorists and commuters,” he added, noting that CNG-powered buses are already offering transport fares substantially lower than their petrol-fueled counterparts.
The SGF also outlined ongoing efforts to stabilize the power sector through the clearance of legacy debts and increased infrastructure investment. He pointed to major projects, including the Lagos-Calabar Coastal Highway, the Abuja-Kano Highway, and continued rail modernization, as key drivers for future trade and economic expansion.
In the agricultural sector, Akume announced a $500 million World Bank credit for the Nigeria Sustainable Agricultural Value-Chains for Growth project, aimed at boosting smallholder productivity and improving national food security.
Addressing the country’s youth—who account for over 60 percent of the population—the SGF reaffirmed the government’s commitment to education through the expanded Education Loan Fund and vocational training programs. “Our young people are not just leaders of tomorrow; they are partners in building Nigeria today,” he said.
Also addressing the forum, the Minister of Information and National Orientation, Mohammed Idris, confirmed that the economy recorded a 4.43 percent growth rate in the second quarter of 2026.
The Minister acknowledged that the reforms initiated over the past three years have demanded significant sacrifice and patience from citizens. As the country prepares for the next electoral cycle, Idris appealed for a more constructive public discourse.
“Political differences are legitimate in a democracy, but they must never diminish our common identity as Nigerians,” Idris said, calling for unity, fact-based debate, and national cohesion.
