President Bola Tinubu has said the removal of fuel subsidy by his administration shortly after taking office helped prevent Nigeria from sliding into bankruptcy and laid the groundwork for the country’s gradual economic recovery.
He admitted that the decision was tough and painful for many Nigerians, but maintained that it was necessary to avoid fiscal collapse and restore stability to the economy.
Tinubu made the remarks on Tuesday while hosting governors who visited him at the Presidential Villa to celebrate Sallah and the third anniversary of his administration.
The governors in attendance included those from Lagos, Nasarawa, Jigawa, Sokoto, Kebbi, Taraba, Niger, Ekiti, Delta, Ondo, Edo, Adamawa, Benue, Enugu, Ogun, and Kogi States, as well as the deputy governors of Borno and Kano.
According to him, Nigeria had for years spent massive sums on fuel subsidy payments that were unsustainable and largely benefited a few individuals at the expense of key sectors needing investment.
“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.
Today I was watching some clips of the Sokoto-Badagry axis. Imagine how many dams on that corridor for irrigation, for farmland, for electricity. Many of you have survived and promoted the perseverance of our people, asking them to trust this government, and you have built that trust around my leadership. I thank you very much,” he said.
Tinubu added that ongoing reforms were beginning to show positive effects across key sectors, particularly agriculture.
