President Bola Tinubu has defended his administration’s decision to remove fuel subsidy, saying the policy prevented Nigeria from slipping into bankruptcy and helped place the economy on a path to recovery.
The President made the remarks on Friday while hosting state governors and senior government officials during a gathering to mark the Eid-el-Kabir celebration and the third anniversary of his administration.
Tinubu acknowledged that the policy triggered criticism, legal challenges, and hardship for many Nigerians, but maintained that it was necessary to address years of unsustainable spending and restore fiscal stability.
“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,” the President said.
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He noted that subsidy payments had consumed significant public resources for years while limiting investments in critical sectors of the economy. According to him, ongoing reforms are beginning to deliver results across infrastructure, housing, agriculture and other key areas.
Tinubu also commended state governors for supporting the administration’s economic reforms and helping to maintain public confidence during a period of adjustment. He said many states have improved their financial positions and no longer rely heavily on federal interventions to meet salary and operational obligations.
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“The benefits are showing. The economy has recovered. Macroeconomic indices are doing very well. Construction is ongoing on roads and infrastructure, while agriculture will prosper again,” he said.
Vice President Kashim Shettima praised the President’s decision to remove the subsidy, describing it as a difficult but necessary step to address longstanding distortions in the oil sector and broader economy.
Speaking on behalf of the Nigeria Governors’ Forum, Kwara State Governor AbdulRahman AbdulRazaq said the reforms had increased revenues available to states, allowing them to clear outstanding obligations and undertake major development projects.
“I think the nation was shocked by the audacity of Mr President to implement that serious policy, but today it benefited immensely from that policy,” AbdulRazaq said.
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Imo State Governor Hope Uzodinma also commended the administration’s economic policies, stating that the reforms had helped stabilise the economy and improve conditions for subnational governments.
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.
