LAGOS, Nigeria — The Chairman of the Nigeria Revenue Service, Zacch Adedeji, stated on Sunday, August 9, 2026, that Nigeria’s petrol subsidy bill would have reached ₦53 trillion ($33.1 billion) if the policy had not been discontinued.
Golden Info reports that Adedeji defended the economic policies of Nigeria’s President, Bola Tinubu, during an interview on Channels Television‘s Sunday Politics programme. The chairman attributed recent economic outcomes to the removal of the petrol subsidy, describing the inherited economy as one characterised by an unsustainable subsidy regime, an underperforming oil sector, and a narrow tax base.
Adedeji stated that retaining the subsidy would have placed a burden on the country’s finances amid pressures from the global energy market and the Iran crisis. He noted that without the policy change, the exchange rate could have weakened to ₦3,500 per dollar.
“All the good results that I will reel out soon come as a result of that courageous decision (subsidy removal). So, it is not a mistake; it is the best thing that has happened to this country. Subsidy was evil and had been with Nigeria for decades,” Adedeji said.
He directed questions toward prospective challengers ahead of the 2027 elections. “What the President deserves now is support and commendation for being a statesman and not a politician. Anybody who says he is coming (to contest as president), just ask them, ‘What will you do differently?’ Are they saying that it is wrong that we removed fuel subsidy? Are they saying that it is wrong that we unified the rate?” Adedeji said.
Tinubu announced the removal of the petrol subsidy during his inaugural address on May 29, 2023, stating that the fuel subsidy was gone. The policy has resulted in increased government revenues and higher allocations to the three tiers of government through the Federation Account, alongside a sharp increase in petrol prices and higher transportation, food, and production costs.