President Bola Ahmed Tinubu has defended his administration’s decision to remove fuel subsidy, saying the policy rescued Nigeria from what he described as “imminent bankruptcy” and helped stabilise the economy.
The President made the remarks on Friday while hosting state governors who paid him a Sallah homage and joined in commemorating the third anniversary of his administration.
Governors present at the event included those of Lagos, Nasarawa, Jigawa, Sokoto, Kebbi, Taraba, Niger, Ekiti, Delta, Ondo, Edo, Adamawa, Benue, Enugu, Ogun and Kogi states, as well as the deputy governors of Borno and Kano states.
Tinubu acknowledged that the subsidy removal policy brought hardship to many Nigerians but insisted it became necessary to prevent fiscal collapse and reposition the economy.
According to him, the country had for years spent enormous resources on an unsustainable subsidy regime that largely benefited a few individuals while depriving critical sectors of needed investments.
“It was challenging at the time, but we survived. We face litigation and accusations. We survived them. Instead of bankruptcy, Nigeria has survived. The economy has recovered. It is growing. Agriculture is booming,” the President said.
Tinubu stated that reforms introduced by his administration in infrastructure, agriculture, social investment, foreign exchange management and fiscal discipline were gradually restoring investor confidence and improving economic prospects.
He also commended state governors for supporting the reforms and encouraging Nigerians to remain patient during what he described as a difficult but necessary economic transition.
“I’m glad governors are no longer borrowing from the federal government and asking for interventions and not knowing how to survive, how to pay salaries, no more,” he added.
The President assured Nigerians that his administration would continue implementing policies aimed at reducing hardship, creating jobs, improving food security and promoting inclusive economic growth.
Vice President Kashim Shettima, speaking at the event, praised Tinubu’s leadership style and resolve in confronting corruption in the oil sector.
“Mr President, this is the essence of your leadership. You did not come to power in the season of ease. You came at a time when the house required a builder with the courage to examine the foundation you inherited,” Shettima said.
Also speaking on behalf of the Nigeria Governors’ Forum, Kwara State Governor Abdulrahman Abdulrazaq commended the administration’s fiscal reforms, noting that increased revenue allocations to states had improved their financial capacity.
According to Abdulrazaq, the subsidy removal and related reforms enabled several states to clear salary arrears, pensions and other obligations while embarking on infrastructure and social investment projects.
