Subsidy Removal Was Not in Speech — Tinubu’s Bold Deviation at Eagle Square

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The removal of petrol subsidy and the unification of Nigeria’s foreign exchange market did not feature in the original draft of President Bola Ahmed Tinubu’s inaugural speech, but the new leader’s decision to announce the reforms on May 29, 2023, has been described as a bold turning point in the nation’s economic history.

Before Tinubu’s swearing-in, Nigeria’s two most critical institutions — the Nigerian National Petroleum Company Limited (NNPC) and the Central Bank of Nigeria (CBN) — had become liabilities rather than assets.

While the NNPC was burdened with subsidy payments, the CBN was spending heavily to defend the naira, effectively subsidizing dollars.

This situation left the country borrowing to pay salaries, withdrawing from foreign reserves, and depending on loans from the International Monetary Fund (IMF) to cover subsidy debts. Despite NNPC’s role, it claimed Nigeria still owed it billions instead of remitting funds to the federation account.

Against this backdrop, Tinubu defied convention at Eagle Square. Breaking away from the prepared text, he declared: “Subsidy is gone. There will be unification of FX.”

Analysts say the bold deviation was not the voice of a cautious politician but that of a leader determined to prevent the collapse of Africa’s largest economy.

By confronting subsidy and foreign exchange distortions on day one, Tinubu positioned himself as the reformist leader willing to take risks others — including military rulers and powerful politicians — had avoided for decades.

Supporters hailed the declaration as the “Jagaban roar,” a decisive moment that signaled the beginning of Nigeria’s economic recovery.

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