By Passman Akpos
Lagos, Nigeria – President Bola Ahmed Tinubu has defended his administration’s decision to remove fuel subsidy, describing it as a bold but necessary move that rescued Nigeria from imminent bankruptcy and set the nation on the path to economic recovery.
The President made the remarks on Friday while hosting state governors who paid him a Sallah visit and joined in commemorating the third anniversary of his administration.
Governors from Lagos, Nasarawa, Jigawa, Sokoto, Kebbi, Taraba, Niger, Ekiti, Delta, Ondo, Edo, Adamawa, Benue, Enugu, Ogun and Kogi states attended the gathering, alongside the deputy governors of Borno and Kano states.
Addressing the governors, President Tinubu acknowledged that the removal of fuel subsidy in 2023 imposed significant hardship on Nigerians but maintained that the policy was unavoidable if the country was to avert fiscal collapse.
“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.
According to him, successive governments had spent vast resources on subsidy payments that largely benefited a privileged few while depriving critical sectors of much-needed investment.
Tinubu praised Nigerians for their patience and resilience throughout the reform process, noting that the painful adjustments were beginning to yield positive results. He pointed to improvements in infrastructure development, agriculture, housing, foreign exchange management and fiscal discipline as evidence that the economy was gradually stabilising.
“The economy has recovered. Macroeconomic indices are doing very well. Construction is ongoing on roads and infrastructure. The housing industry is coming on very well. Agriculture will prosper again. We will achieve food sovereignty if we utilise our land effectively,” he added.
The President also commended state governors for supporting his administration’s reforms and helping to maintain public confidence during a difficult transition period.
“I’m glad governors are no longer borrowing from the federal government and asking for interventions to survive or pay salaries. You persuaded our people to be patient and endure these painful reforms. Today, the benefits are showing,” he stated.
Vice President Kashim Shettima hailed Tinubu’s courage in confronting what he described as decades-long distortions in Nigeria’s oil sector.
“You chose not to postpone the surgery. You chose not to massage the wound. You chose to confront the contradictions that have held this country hostage for 50 years,” Shettima said.
He described the subsidy removal as a defining moment in Nigeria’s history and praised the President for embarking on reforms aimed at repositioning the nation for long-term prosperity.
Speaking on behalf of the Nigeria Governors’ Forum, Kwara State Governor Abdulrahman Abdulrazaq said the subsidy removal and accompanying fiscal reforms had significantly improved the financial standing of state governments.
He noted that increased allocations to states had enabled many governors to clear salary and pension arrears, reduce debt burdens and undertake critical infrastructure projects.
“The nation was shocked by the audacity of Mr President to implement that serious policy, but today it has benefited immensely from it. Many states that depended on borrowing are now reducing their debt,” Abdulrazaq said.
He further suggested that the improved financial position of governments could support an increase in the national minimum wage to ₦100,000.
Similarly, Chairman of the Progressive Governors Forum and Imo State Governor Hope Uzodinma credited Tinubu with pulling Nigeria back from the brink of economic collapse.
“You have virtually recovered Nigeria from the brink of collapse to a state of stability and survival. We have assessed your performance, Mr President, and we score it 100 per cent,” Uzodinma declared.
Governor Babajide Sanwo-Olu of Lagos State, who welcomed his colleagues to the event, thanked them for their continued support for the President and urged them to sustain the momentum as the administration pursues its reform agenda.
President Tinubu reiterated his commitment to implementing policies aimed at reducing hardship, creating jobs, strengthening food security and delivering inclusive economic growth for all Nigerians.
The gathering formed part of activities marking the third anniversary of the Tinubu administration and the Eid-el-Kabir celebrations.
