President Bola Ahmed Tinubu has stated that the removal of fuel subsidy by his administration rescued Nigeria from the brink of bankruptcy and laid the groundwork for the country’s economic recovery and long-term growth.
Speaking on Friday while hosting state governors who paid him a Sallah and third-anniversary visit, President Tinubu acknowledged the hardships caused by the policy but maintained that the decision was necessary to prevent fiscal collapse and restore economic stability.
According to the President, despite widespread criticism, legal challenges, and initial public resistance, the reform has yielded positive results, with key economic indicators showing signs of improvement.
“It was a difficult decision, but Nigeria survived. Rather than sliding into bankruptcy, our economy has rebounded and is now on a path of sustainable growth. Agriculture is expanding, infrastructure projects are progressing, and investor confidence is gradually returning,” he said.
President Tinubu commended state governors for supporting the reform agenda and helping to maintain public confidence during the transition period. He noted that many states are now financially stronger and less dependent on federal government interventions for salary payments and basic operations.
The President highlighted ongoing investments in infrastructure, housing, agriculture, foreign exchange reforms, and fiscal discipline as critical drivers of economic recovery. He also reiterated his administration’s commitment to implementing people-focused policies aimed at reducing hardship, creating jobs, strengthening food security, and promoting inclusive growth.
Vice President Kashim Shettima praised President Tinubu’s courage and determination in tackling long-standing distortions in the oil sector, describing the fuel subsidy removal as a bold and historic reform that previous administrations avoided.
Shettima said the President chose to confront decades-old economic contradictions head-on, emphasizing that the decision reflected leadership driven by national interest rather than political convenience.
