President Tinubu has said that his administration’s decision to remove fuel subsidy shortly after assuming office helped save Nigeria from imminent bankruptcy and set the country on a path toward gradual economic recovery
He noted that although the policy was difficult and painful for many Nigerians, it was a necessary step to prevent fiscal collapse and restore long-term economic stability.
Tinubu made the remarks on Tuesday while hosting state governors who visited him to celebrate Sallah and mark the third anniversary of his administration.
The governors present included those of Lagos, Nasarawa, Jigawa, Sokoto, Kebbi, Taraba, Niger, Ekiti, Delta, Ondo, Edo, Adamawa, Benue, Enugu, Ogun, and Kogi States, alongside the deputy governors of Borno and Kano.
According to the President, Nigeria had for years spent huge resources on unsustainable fuel subsidy payments that largely benefited a few individuals while depriving critical sectors of needed investment.
He said:
“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.
Today I was watching some clips of the Sokoto-Badagry axis. Imagine how many dams on that corridor for irrigation, for farmland, for electricity. Many of you have survived and promoted the perseverance of our people, asking them to trust this government, and you have built that trust around my leadership. I thank you very much.”
Tinubu added that the reforms were beginning to yield positive results across key sectors of the economy, especially agriculture.
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