By By Elizabeth Ugbo
President Bola Ahmed Tinubu on Friday said the removal of fuel subsidy saved Nigeria from imminent bankruptcy and set the economy on the path to recovery. Tinubu spoke in Lagos while hosting state governors during the Sallah celebration and the third anniversary of his administration. The President explained that his government removed the subsidy to stop fiscal collapse, improve public finances, and create room for economic reforms that now support growth across key sectors.
Tinubu Defends Fuel Subsidy Removal
President Tinubu acknowledged that removing the fuel subsidy was difficult and painful for many Nigerians. However, he stressed that the decision became necessary to rescue the economy.
According to him, Nigeria spent huge resources on subsidy payments for years. He said the system mainly benefited a few individuals while depriving critical sectors of needed investments.
“It was challenging at the time, but we survived. We faced litigation and accusations, yet we prevailed,” Tinubu said.
The President noted that Nigeria avoided bankruptcy and has begun to experience economic recovery. He added that agriculture is expanding while infrastructure projects continue across the country.
Economic Reforms Delivering Results
Tinubu said ongoing reforms are restoring investor confidence and improving economic prospects.
He highlighted progress in infrastructure development, agriculture, social investment programmes, foreign exchange management, and fiscal discipline.
The President also urged state governments to maximize available land resources to boost food production.
“The housing industry is improving. Agriculture will prosper again. We will achieve food sovereignty if we use our land effectively,” he said.
Furthermore, he assured Nigerians that his administration would continue implementing policies aimed at reducing hardship, creating jobs, strengthening food security, and promoting inclusive growth.
Shettima Praises Tinubu’s Courage
Vice President Kashim Shettima commended the President for confronting corruption in the oil sector through subsidy removal.
According to Shettima, Tinubu chose to address long-standing economic challenges instead of postponing difficult decisions.
“You did not come to power in a season of ease. You confronted contradictions that held the country hostage for decades,” he said.
The Vice President described the reforms as a bold effort to rebuild the nation and secure a better future.
Governors Applaud Revenue Growth
Chairman of the Nigeria Governors’ Forum and Governor of Kwara State, AbdulRahman AbdulRazaq, praised the President’s policy initiatives.
He said subsidy removal and fiscal reforms significantly increased revenues available to states.
As a result, many states settled outstanding salaries, pensions, and financial obligations. They also launched major infrastructure and social investment projects.
AbdulRazaq noted that states now rely less on borrowing and have started reducing debt burdens.
“I urge Mr President to consider increasing the minimum wage to at least N100,000,” he said.
Progressive Governors Endorse Reforms
Chairman of the Progressive Governors Forum and Governor of Imo State, Hope Uzodinma, also praised Tinubu’s leadership.
He said the President’s reforms helped stabilize the economy and prevented national collapse.
“We have assessed your performance and scored it 100 percent,” Uzodinma said.
He thanked Tinubu for supporting subnational governments and providing a clear vision for national development.
Sanwo-Olu Highlights Improved State Finances
Governor Babajide Sanwo-Olu welcomed his colleagues to Lagos and thanked them for supporting the President.
He said governors no longer depend on federal government interventions to pay salaries.
According to him, economic reforms have strengthened state finances and improved fiscal stability nationwide.
Sanwo-Olu also pointed to ongoing road construction and rehabilitation projects as evidence of economic progress.
Tinubu Thanks Nigerians for Patience
The President expressed appreciation to Nigerians for their resilience and understanding throughout the reform period.
He said the country has endured three years of difficult adjustments, but the benefits are becoming visible.
Tinubu reiterated his commitment to policies that improve living standards, expand economic opportunities, and ensure long-term prosperity.
Governors Present at Meeting
Governors present included those from Lagos, Nasarawa, Jigawa, Sokoto, Kebbi, Taraba, Niger, Ekiti, Delta, Ondo, Edo, Adamawa, Benue, Enugu, Ogun, and Kogi states.
Deputy governors from Borno and Kano states also attended the event.
