“I Was Sitting on a Hot Burner” — Tinubu Defends Fuel Subsidy Removal

Kigali, Rwanda / Abuja, Nigeria – President Bola Ahmed Tinubu has declared that the first two years of a possible second term in office would be devoted to “more work,” insisting that his administration would continue to pursue difficult but necessary reforms aimed at resetting Nigeria’s economy and securing the future of coming generations. Speaking during an interview session at the just concluded Africa CEO Forum in Kigali, Rwanda, President Tinubu said the philosophy guiding his administration was rooted in decisive leadership and the courage to take difficult decisions in the interest of the people.

The annual forum, founded in 2012 by Jeune Afrique Media and co-hosted by the International Finance Corporation, is Africa’s largest gathering of private sector leaders, investors, and policymakers focused on shaping the continent’s economic future. “Do more work. More challenges are there. The world won’t wait for anybody. You have to continue to reset and rethink, challenge the intellectual curiosity of you as a government,” the President said when asked what he would focus on if re-elected for a second term. “The philosophy I came with in governance, believing that the hallmark of a transformative leader is the ability to take decisions, do what you’ll do, at the time it has to be done, on behalf of the people,” he added.

Tinubu defended the removal of fuel subsidy and the unification of the foreign exchange market, describing both measures as painful but unavoidable decisions needed to rescue the country from economic collapse. According to him, continuing with the old subsidy regime would have amounted to spending the future of unborn generations. “It is a fake life to think you can, in a global economy, continue the subsidy that is wasteful. It’s an encouragement to falsification of papers, smuggling, and that is a very critical situation for the country,” he said. The President recalled that before the reforms, many states were struggling to meet basic obligations, including salary payments. “Of the 36 states, 27 of them were unable to pay the salaries of the workers. Where is the money? You are oil producing, you are earning, you are given fuel, you have no refinery that is functional. It is not possible to continue that trend,” he stated.

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He likened the pains associated with the reforms to childbirth, saying temporary hardship would ultimately produce long-term benefits for Nigerians. “It is difficult, it is painful, but it is just like the human reproduction process. A woman carries a pregnancy, endures the pain of labour, and has a very big smile when she sees a live child,” Tinubu said.

The President also strongly defended taxation as a necessary instrument for development, arguing that citizens who demand modern infrastructure and social services must be prepared to contribute through taxes. “Nobody wants to pay taxes ordinarily. Taxation is not friendly to the wealthy, to the middle class, and to the poor. Every human being expects development, but the question they don’t answer is, how do you pay for it?” he asked. “You want a very good highway, but you don’t want it to go through your land. You want a good hospital and don’t want to pay taxes. How do you care for the vulnerable? How do you protect the future of the children?” he queried. He added that tax-paying was a critical civic responsibility, declaring that “a citizen that pays taxes is a citizen, whether corporate or individual.”

Highlighting what he described as early gains from the reforms, Tinubu said the economy had become more stable and predictable, enabling better planning by businesses and households. “Today there is a very bright light at the end of the corner; the economy is stable, the Naira is stable, predictable, planners can do a reasonable budget, they can plan their lives well,” he said. He disclosed that the government was implementing direct cash transfers to poor households while also supporting education through grants and allowances for indigent students. “For those students ordinarily who would stay out of school because their parents cannot afford school fees, they are now in school. I’m even giving them allowances and upkeeps for their school,” he said.

In a significant development that reinforces the President’s economic narrative, S&P Global Ratings raised Nigeria’s credit rating for the first time since 2012 just before his Kigali address. The agency upgraded the nation’s long-term sovereign rating by one notch to “B” from “B-,” citing higher oil prices and the country’s improved capacity to refine and export crude oil. The global rating agency noted that higher oil production and prices, the large increase in domestic refining and export capacity, and the 2023 decision to liberalise the exchange rate were boosting Nigeria’s economic growth and balance of payments position.

On industrial policy, the President said his administration’s focus was not necessarily on “protection” but on support for businesses capable of creating jobs and stimulating domestic production. Tinubu cited the Dangote Refinery and BUA Group as examples of local enterprises deserving government backing. “What should my government do? Support him, encourage him,” the President said in reference to Dangote Refinery. He explained that his administration approved the sale of crude oil to the refinery in Naira to ease operational difficulties and reduce pressure on foreign exchange. “You don’t have to go through letter of credit and bureaucracy and make foreign exchange difficult for him. Give it to him in Naira,” he said. This policy, known as the Naira-for-crude initiative, allows the Nigerian National Petroleum Company Limited (NNPCL) to supply crude to domestic refineries in Naira rather than dollars, with Dangote Refinery currently receiving between 30-40 per cent of its crude allocation under this framework.

Tinubu also defended the ongoing Lagos-Calabar Coastal Highway project, describing it as part of a broader national integration and economic inclusion agenda. He said the road would connect Nigeria’s eastern corridor to Lagos and unlock tourism and investment opportunities across the coastline. “My philosophy is Nigeria first,” the President declared, explaining that locally produced cement and steel were deliberately prioritised for the project to stimulate domestic industries. The project’s scale is substantial: Section One of the coastal highway is now 98 per cent completed and ready for commissioning, with the Federal Government targeting November 2026 for Section Two to reach the Ogun border. The Federal Executive Council recently approved over N7 trillion for road and bridge projects across all six geopolitical zones, including a N1.86 trillion extension of the Lagos-Calabar Coastal Highway through Akwa Ibom State.

Speaking on national unity, Tinubu said Nigeria’s diversity should be a source of strength rather than division. “All of us together as Nigerians must be patriotic to understand that you have no control where you are born. Your parents could be Igbo, my parents could be Yoruba, you have no control of that. Where you find yourself is your home. This country is ours. We must build it together,” he said.

On regional security and diplomacy, the President stressed the importance of pragmatic partnerships and collaboration with neighbouring countries and global powers. “Security challenges will always be there. Those are things you cannot do alone. You can’t operate the world in isolation,” he said. Tinubu maintained that Nigeria still retained its strategic influence and leadership role in West Africa and on the continent. “In ECOWAS, Nigeria is a big brother; in Africa, we are the fat lady. We must sing the tune, we must sing the right tune for others to pay attention to,” he said. The President also dismissed suggestions that Nigeria had lost diplomatic relevance in recent years, insisting that the country remained central to regional peace and stability efforts. “Nigeria is still there. Collaboration with trainings and support. Yes, challenges will always be there; there are troublemakers all over. But you have to just be focused and be alert. Nigeria is ready,” Tinubu added.

Following his engagements in Kigali, President Tinubu arrived in Lagos on Friday evening after a three-nation visit to France, Kenya, and Rwanda. His official presidential plane, Nigeria Air Force 1, touched down around 7:12 pm at the Presidential Wing of the Murtala Muhammed International Airport, Ikeja. He was received by the Governor of Lagos State, Babajide Sanwo-Olu; Deputy Governor, Femi Hamzat; Chief of Staff to the President, Hon Femi Gbajabiamila; and Speaker of the Lagos State House of Assembly, Hon Mudashiru Obasa, along with other government functionaries.

Beyond his public remarks in Kigali, President Tinubu has been more specific about a second term agenda. At a separate meeting with global investors in Paris earlier this month, he outlined a post-2027 agenda centered on strengthening fiscal discipline, enhancing transparency, and delivering policy consistency. According to a statement by his Adviser on Information and Strategy, Bayo Onanuga, the President told investors from Citibank, Amundi, PGIM, and other major financial institutions that his government remains committed to “deepening reforms, enhancing transparency across the oil value chain, and implementing a multi-pronged security strategy.” This emphasis on “policy consistency” suggests that a second term would not represent a pivot or retreat from the reform agenda but rather its intensification, with more fiscal discipline, greater transparency, and deeper structural changes aimed at making Nigeria a competitive investment destination. With exactly eight months to the January 2027 presidential election, President Tinubu’s language in Kigali left little doubt about his intentions, even as he has not formally declared his candidacy.

“I Was Sitting on a Hot Burner” — Tinubu Defends Fuel Subsidy Removal