The Federal Government has ruled out a return to the petrol subsidy regime, insisting that the reforms introduced by President Bola Tinubu were necessary to prevent the country from imminent economic collapse.

The Secretary to the Government of the Federation (SGF), Sen. George Akume, made this declaration on Wednesday in Abuja at the 66th Independence Anniversary Lecture.

Akume’s Special Adviser on Media and Publicity, Yomi Odunuga, said in a statement that the SGF categorically declared that, “We will not return to the ruinous petroleum subsidy regime of the past.”

He said the administration took difficult decisions immediately after assuming office in 2023.

“This administration took office in 2023 and immediately took bold decisions needed to save the nation from imminent collapse. Such decisions include the removal of the petrol subsidy, unification of the foreign exchange market, tax and other fiscal reforms, among others.

“These were difficult decisions, but necessary to rebuild stability, and we have started enjoying the results,” he said.

Citing the World Bank, Akume said Nigeria’s real Gross Domestic Product (GDP) grew by 4.2 per cent in the first half of 2026, up from 3.9 per cent recorded a year earlier.

“The task before us now is to ensure that growth translates into jobs and higher incomes for all Nigerians,” he said.

The SGF said the shift to gas was helping to reduce fuel costs, adding that more than 120,000 vehicles had been converted to Compressed Natural Gas (CNG), with over 400 conversion centres and 90 fuelling stations established nationwide.

“This shift is cutting fuel costs for motorists and commuters. CNG buses now carry millions of passengers at fares far below those of petrol buses,” he said.

On the power sector, Akume said the government had addressed some of its challenges by clearing legacy debts, increasing investment, and improving transmission and billing.

He also said the country had witnessed “massive investment in infrastructure” over the past three and a half years.

According to him, projects such as the Lagos-Calabar Coastal Highway, Abuja-Kano Highway, East-West Road, rail modernisation and port reforms would improve trade routes and boost economic activity.

He added that the government was expanding mortgage finance to stimulate housing development and job creation.

On agriculture, Akume said the World Bank had approved a $500 million credit for the Nigeria Sustainable Agricultural Value-Chains for Growth (AGROW) project.

“This initiative will raise smallholder productivity, strengthen value chains, and improve food and nutrition security,” he said.

Addressing youth empowerment, the SGF said more than 60 per cent of Nigerians were under the age of 25.

“We have expanded the Education Loan Fund so that millions of students can afford university and vocational studies. 

We are strengthening technical and vocational institutes to teach the skills that industry needs.

“Our young people are not just leaders of tomorrow – they are partners in building Nigeria today,” he said.

He also called on Nigerians in the diaspora to invest in the country, saying they bring “not just remittances, but ideas, investments and pride.”

On health and social protection, Akume said the government was equipping thousands of primary healthcare centres and expanding safety nets to provide cash transfers and essential services to vulnerable families.

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

“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 said.

In his remarks at the lecture, the Minister of Information and National Orientation, Mohammed Idris, said the economy recorded 4.43 per cent growth in the second quarter of 2026.

Idris said domestic refining capacity was expanding, with investment “returning to critical sectors.”

He acknowledged that the reforms introduced over the past three years “have not been easy” and “have demanded sacrifice and patience from Nigerians.”

The minister said that as the country approaches another electoral cycle, it “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,” he said.