President Bola Ahmed Tinubu has defended his administration’s decision to remove fuel subsidy, describing the policy as a bold but necessary step that saved Nigeria from imminent bankruptcy and set the country on the path to economic recovery.
The President made the remarks on Friday while hosting state governors who visited him to celebrate the Eid-el-Kabir (Sallah) festival and the third anniversary of his administration.
Among those in attendance were governors from 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 removal of fuel subsidy brought hardship to many Nigerians but maintained that the decision was necessary to prevent fiscal collapse and restore economic stability. He argued that for years, the country spent huge sums on subsidy payments that were unsustainable and benefited only a few individuals while depriving critical sectors of needed investments.
According to the President, despite legal challenges and public criticism that followed the policy, Nigeria had avoided bankruptcy and was now witnessing signs of economic recovery. He pointed to ongoing infrastructure projects, agricultural expansion and improvements in key economic indicators as evidence that the reforms were beginning to yield results.
Tinubu also praised state governors for supporting the reforms and encouraging citizens to remain patient throughout what he described as three years of painful but necessary economic adjustments. He said the cooperation between federal and state governments had been crucial in stabilising the economy.
The President noted that many states were now in a stronger financial position and no longer depended heavily on federal interventions to meet salary obligations. He expressed optimism that continued reforms in agriculture, housing, infrastructure and fiscal management would drive economic growth and help Nigeria achieve food security.
He assured Nigerians that his administration would continue implementing policies aimed at reducing hardship, creating jobs, improving food production and ensuring inclusive economic development.
Vice President Kashim Shettima commended Tinubu for confronting what he described as long-standing distortions in Nigeria’s oil sector. He said the President had demonstrated courage by implementing reforms that previous administrations avoided, despite the political risks involved.
Speaking on behalf of the Nigeria Governors’ Forum, Kwara State Governor AbdulRahman AbdulRazaq said the removal of fuel subsidy and related fiscal reforms had significantly increased state revenues. According to him, many states had been able to clear salary and pension arrears, reduce debt burdens and undertake major infrastructure and social investment projects as a result of the improved revenue inflows.
Imo State Governor Hope Uzodinma, who chairs the Progressive Governors Forum, also praised the President’s economic policies, stating that they had helped pull the country back from the brink of economic collapse. He expressed the governors’ appreciation for Tinubu’s leadership and pledged continued support for the administration’s reform agenda.
