President Bola Ahmed Tinubu has stated that his administration's decision to remove the fuel subsidy prevented Nigeria from sliding into bankruptcy and has set the economy on a recovery path. He made these remarks on Friday while hosting a delegation of state governors at the Presidential Villa to celebrate the Eid-el-Kabir festival and the third anniversary of his administration.
Tinubu Defends Subsidy Removal
Addressing the governors, Tinubu acknowledged that the removal of fuel subsidy caused hardship for many Nigerians but maintained that the policy was necessary to avert a fiscal crisis and reposition the economy. He said, "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."
He noted that despite opposition and legal challenges, the country remained on course and was beginning to see the benefits of the reforms. Tinubu also pointed to opportunities for agricultural expansion and infrastructure development, citing the potential of irrigation and power projects along the Sokoto-Badagry corridor.
Tinubu Thanks Nigerians and Governors
Tinubu expressed gratitude to Nigerians for their patience and resilience during the difficult transition period, saying their sacrifices were beginning to yield results. He also commended state governors for supporting the reform agenda and building public confidence in government policies. "Many of you have survived and promoted the perseverance of many of our people, asking them to trust this government, and you have built that trust around one person: my leadership. I thank you very much," he said.
Signs of Economic Recovery Emerging
According to Tinubu, key economic indicators are improving due to reforms in fiscal management, foreign exchange policy, infrastructure development, and agriculture. States are now in a stronger financial position and no longer heavily depend on federal interventions. "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 said.
He further stated that road construction projects are progressing across the country, previously abandoned infrastructure has been revived, and investments in housing and agriculture are gaining momentum. "The economy has recovered. Macroeconomic indices are doing very well. Construction is ongoing on roads and infrastructure; the ones abandoned have been rehabilitated. The housing industry is coming on very well. Agriculture will prosper again. We will achieve food sovereignty if we utilise the land effectively," he said.
Tinubu assured Nigerians that his administration would continue to pursue policies aimed at easing hardship, creating jobs, strengthening food security, and promoting inclusive economic growth.
