President Bola Tinubu has defended his administration’s decision to remove fuel subsidy, saying the policy saved Nigeria from imminent bankruptcy and laid the foundation for the country’s economic recovery.
The President spoke on Friday while hosting state governors who paid him a Sallah visit and joined him in marking the third anniversary of his administration.
Among those in attendance were the governors 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 was a difficult and painful decision for many Nigerians but maintained that it was necessary to prevent fiscal collapse and restore economic stability.
According to him, Nigeria had spent huge resources on subsidy payments for years, benefiting only a few while depriving critical sectors of the economy of much-needed investments.
“It was challenging at the time, but we survived. We faced 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.
He pointed to ongoing development projects across the country, particularly along the Sokoto-Badagry corridor, noting the potential for irrigation, agriculture and electricity generation through dam projects.
Tinubu praised state governors for supporting his administration’s reforms and helping to build public trust during what he described as three years of painful but necessary economic adjustments.
“You persuaded our people to be patient and endure these three years of painful reform, during which we put the economy on a reset. Today, the benefits are showing,” he said.
The President said macroeconomic indicators were improving, road and infrastructure projects were progressing, abandoned projects were being revived, while the housing and agricultural sectors were witnessing renewed growth.
He expressed optimism that Nigeria would attain food sovereignty if states effectively utilized available land for agricultural production.
Tinubu also assured Nigerians that his administration would continue implementing policies aimed at reducing hardship, creating jobs, strengthening food security and promoting inclusive economic growth.
The President further commended governors for their cooperation with the Federal Government, noting that the partnership had played a crucial role in stabilizing the economy.
Vice President Kashim Shettima lauded Tinubu’s courage in removing fuel subsidy and confronting entrenched interests in the oil sector.
According to Shettima, Tinubu assumed office at a difficult period and chose to address longstanding structural challenges rather than postpone tough decisions.
“You did not come to power in the season of ease. You came at a time when the house required more than a caretaker. It required a builder with the courage to examine the foundation you inherited,” the Vice President said.
“You chose not to postpone the surgery. You chose not to massage the wound. You chose to confront the contradictions that have held this country hostage for 50 years.”
Speaking on behalf of the Nigeria Governors’ Forum (NGF), Governor Abdulrahman Abdulrazaq of Kwara State said the subsidy removal and accompanying fiscal reforms had significantly improved the financial capacity of states.
He noted that increased revenues accruing to states had enabled them to clear salary and pension arrears, meet financial obligations and undertake major infrastructure and social investment projects.
“I think the nation was shocked by the audacity of Mr President to implement that serious policy, but today it has benefited immensely from that policy,” Abdulrazaq said.
“Many states were issuing bonds and borrowing money. Today, states are not going to borrow money; they’re not going to issue bonds. In fact, we’re reducing our debt.”
He also urged the President to support discussions on raising the national minimum wage to N100,000.
Chairman of the Progressive Governors Forum and Governor of Imo State, Hope Uzodinma, also commended Tinubu for what he described as bold reforms that rescued Nigeria from the brink of economic collapse.
“We have assessed your performance, Mr President, and I’m happy to announce that we have scored it 100 per cent,” Uzodinma said, praising the President’s leadership and vision.
Earlier, Lagos State Governor Babajide Sanwo-Olu welcomed his colleagues to Lagos for the Sallah celebration with the President and thanked them for their continued support of the administration.
The event formed part of activities marking President Tinubu’s third year in office, with governors across party lines expressing support for the administration’s economic reform agenda.