President Bola Ahmed Tinubu has defended his administration’s decision to remove fuel subsidy, saying the policy saved Nigeria from imminent bankruptcy and laid the foundation for economic recovery.
The President made the remarks on Friday while hosting state governors who paid him a Sallah visit and joined in marking the third anniversary of his administration.
According to Tinubu, the decision was difficult and attracted criticism, litigation and public backlash, but was necessary to prevent fiscal collapse and restore stability to the economy.
“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.
Tinubu expressed appreciation to the governors for supporting his administration’s reforms and helping to convince Nigerians to remain patient despite the hardships caused by the policies.
He noted that ongoing reforms in infrastructure, agriculture, social investment, foreign exchange management and fiscal discipline were beginning to yield positive results and improve investor confidence.
The President also stated that state governments are now in a stronger financial position than before.
“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. You kept the spirit, you kept the hope. You persuaded our people to be patient and endure these three years of painful reform, during which we put the economy on a reset. Today, the benefits are showing,” he said.
Tinubu further claimed that key economic indicators were improving, while major infrastructure projects across the country were progressing.
“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,” he added.
The President assured Nigerians that his administration would continue implementing policies aimed at reducing hardship, creating jobs, strengthening food security and promoting inclusive economic growth.
Vice President Kashim Shettima also praised Tinubu’s leadership, describing the fuel subsidy removal as a courageous decision that previous administrations avoided.
“You did not come to power in the season of ease. You came at a time when the house required more than a carpenter. It required a builder with the courage to examine the foundation you inherited,” Shettima said.
He added that the President chose to confront longstanding challenges in the oil sector rather than postpone difficult decisions.
The remarks came as the Tinubu administration marked its third year in office amid ongoing debates over the impact of subsidy removal and other economic reforms on Nigerians.