By Our Reporter
President Bola Ahmed Tinubu has said that the removal of fuel subsidy by his administration saved Nigeria from imminent bankruptcy and laid the foundation for the gradual recovery of the nation’s economy.
The President made the remark on Friday while hosting state governors who visited him in Lagos to celebrate Eid-el-Kabir and the third anniversary of his administration.
Among those present 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 avert fiscal collapse and restore economic stability.
According to him, the country had spent enormous resources on an unsustainable subsidy regime that largely benefited a few individuals while depriving critical sectors 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 infrastructure projects across the country, including the Sokoto-Badagry Super Highway, as evidence of the benefits of the reforms.
President Tinubu also commended governors for supporting the administration’s reform agenda and encouraging Nigerians to remain patient throughout the difficult transition period.
“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 stated.
The President noted that states are now financially stronger and less dependent on federal government interventions.
“I’m glad governors are no longer borrowing from the federal government and asking for interventions and not knowing how to survive or pay salaries. Today, the economy has recovered. Macroeconomic indices are doing very well. Construction is ongoing on roads and infrastructure, while abandoned projects are being rehabilitated,” he said.
Tinubu added that his administration would continue implementing policies aimed at reducing hardship, creating jobs, improving food security and ensuring inclusive economic growth.
Speaking at the event, Vice President Kashim Shettima praised the President’s courage in removing fuel subsidy and confronting long-standing distortions in the nation’s oil sector.
“You did not come to power in a 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,” Shettima said.
He described the subsidy removal as a bold reform that had begun the process of re-engineering the nation’s economy.
Also speaking, Chairman of the Nigeria Governors’ Forum and Governor of Kwara State, AbdulRahman AbdulRazaq, said the policy had significantly strengthened the finances of state governments.
He noted that the reforms increased revenues accruing to states, enabling them to clear outstanding salary and pension obligations while embarking on 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, the country has benefited immensely from it. Many states that previously relied on borrowing are now reducing their debt burden,” AbdulRazaq said.
Governor Hope Uzodinma of Imo State and Chairman of the Progressive Governors Forum also commended Tinubu’s leadership, describing the reforms as instrumental in stabilising the economy.
“You have virtually recovered Nigeria from the brink of collapse to a state of stability and survival. We have assessed your performance and scored it 100 per cent,” Uzodinma said.
Earlier, Lagos State Governor Babajide Sanwo-Olu welcomed his colleagues to Lagos and thanked them for their continued support for the President and his administration.
The gathering formed part of activities marking Eid-el-Kabir celebrations and the third anniversary of President Tinubu’s administration.
