SGF: Nigeria Won’t Revert to Destructive Petroleum Subsidy Regime

• Idris: Reforms have laid the groundwork for correcting entrenched structural weaknesses

Olawale Ajimotokan in Abuja

Secretary to the Government of the Federation, Senator George Akume, has vowed the country would never return to the ruinous petroleum subsidy regime that was sustained by successive administrations until its removal in 2023 by President Bola Tinubu.

Akume maintained this stance yesterday in Abuja at a lecture to mark the country’s 66th Independence Anniversary under the theme “Unity and Faith, Peace and Progress”.

He explained that removal of the petrol subsidy, unification of the foreign-exchange market, tax and other fiscal reforms were some of the difficult, but necessary decisions made by the administration to rebuild stability and save the nation from imminent collapse when it assumed office three years ago.

“These were difficult decisions, but necessary to rebuild stability and we have started enjoying the results. According to the World Bank, Nigeria’s real GDP grew by 4.2 per cent in the first half of 2026, up from 3.9 per cent a year earlier, as business activity expanded.

“The task before us now is to ensure that growth translates into jobs and higher incomes for all Nigerians,” Akume, who referenced the World Bank data, said.

He maintained that instead of restoring fuel subsidy, the government will harness Nigeria’s abundant natural gas by accelerating the cleaner, cheaper alternatives of Compressed Natural Gas (CNG) that have led to drastic cutting of fuel costs for motorists and commuters.

According to Akume, with over 120,000 vehicles being converted to CNG and with more than 400 conversion centres and 90 fueling stations nationwide, more Nigerians now feel the savings in their daily lives as CNG buses now carry millions of passengers at fares far below those of petrol buses.

The SGF also stressed that provision of reliable electricity and affordable transport were critical in the daily lives of Nigerians, adding the administration had also tackled the power sector’s problems by clearing legacy debts, increasing investment, and improving transmission and billing.

“Across the country government is also advancing other major highways as Abuja to Kano, and the East–West Road designed to connect our cities and rural communities.

“We are expanding and repairing roads so that farmers can reach markets, businesses can move goods efficiently, and citizens can travel safely. Rail and Ports are also experiencing modernization aimed at moving people and goods more efficiently.

“Real estate is also receiving a boost. Government is expanding mortgage finance so hardworking Nigerians can buy homes, creating both houses and jobs,” Akume said.

In addition, he reiterated that country had over the past three and a half years witnessed massive investment in infrastructure, and to improvement in connectivity, sign-posted by legacy projects such as the Lagos–Calabar Coastal Highway that will link Lagos through the coastal states to Calabar, dramatically improving trade routes.

On agriculture and food security, he reaffirmed government’s determination boost production by supporting mechanisation, irrigation, quality seeds, fertilizer, silos and local processing.

Addressing youth empowerment, the SGF said over 60 per cent of Nigerians, described as the country’s greatest asset were under 25 and were being catered for through expansion of the Education Loan Fund so that millions of students can afford university and vocational studies.

Speaking on health and social protection, Akume said the government was equipping thousands of primary healthcare centres under the IMPACT initiative and expanding safety nets including NG-CARES Additional Financing, SOLID and HOPE programmes backed by World Bank and federal funds, to provide cash transfers and essential services to vulnerable families.

On security, he saluted the armed forces and said government is improving equipment, intelligence and coordination, with a new National Threat Assessment and five-year Strategic Defence Plan.

“Security and welfare of the people is the responsibility of government. Nothing matters more than the safety of our people. When communities have opportunities and trust in justice, crime and violence decline. In that sense, development and security go hand in hand,” he stated.

Also speaking at the event, Minister of Information and National Orientation, Mohammed Idris, who described Nigeria as continuing project, said although the reforms of the past three years by the administration were not easy, they had also set in motion the difficult process of correcting longstanding structural weaknesses and laying stronger foundations for the future.

Stating that President Tinubu is tasked with the responsibility of steering Nigeria through necessary reforms towards stability, growth and shared prosperity, the minister added that the president wanted to ensure that the benefits of reform reached ordinary citizens.

“Indeed, there are encouraging signs. Our economy recorded 4.43 per cent growth in the second quarter of 2026. Domestic refining capacity is expanding, investment is returning to critical sectors, and major infrastructure projects are progressing across the country.

“Our goal is clear: to turn reform into stability, stability into growth, and growth into a new era of shared prosperity in which every Nigerian can aspire, work and prosper,” Idris said.

He reminded the private sector, media, civil society, traditional and religious institutions, academia and citizens that they all have important roles to play in the transformation as government cannot accomplish this alone.

Idris added: “The media, particularly as we approach another electoral cycle, carries a special responsibility to promote informed public discourse anchored on facts, verification and national cohesion. Political differences are legitimate in a democracy; they must never diminish our common identity as Nigerians.

“At 66, Nigeria remains a continuing project. Every generation receives the baton, runs its course and passes it forward.

“Our responsibility today is to move Nigeria further along the road to prosperity, security and national unity. Let us therefore renew our faith in our country and our commitment to building the Nigeria we all desire”.