President Bola Ahmed Tinubu has defended his administration’s decision to remove fuel subsidy, describing it as a necessary measure that saved Nigeria from imminent bankruptcy and set the economy on the path to recovery.
The President spoke on Friday while hosting state governors at the Presidential Villa in Abuja as part of activities marking the Eid-el-Kabir celebration and the third anniversary of his administration.
Governors from several states, including Lagos, Nasarawa, Jigawa, Sokoto, Kebbi, Taraba, Niger, Ekiti, Delta, Ondo, Edo, Adamawa, Benue, Enugu, Ogun and Kogi, attended the event, alongside the deputy governors of Borno and Kano States.
Reflecting on the controversial policy, President Tinubu acknowledged the hardships experienced by Nigerians but insisted that the decision was critical to preventing economic 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.
He commended state governors for supporting the reforms and helping citizens remain patient during the difficult transition period.
“Many of you have survived and promoted the perseverance of many of our people, asking them to trust this government, and you have built that trust around one person my leadership. I thank you very much,” he stated.
According to the President, key economic indicators now point to a recovering economy, with increased investments in infrastructure, agriculture and housing.
“I’m glad governors are no longer borrowing from the federal government and asking for interventions and not knowing how to survive or pay salaries. No more. 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.
President Tinubu noted that major infrastructure projects abandoned by previous administrations were being revived, while ongoing investments in agriculture would help Nigeria attain food security.
“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. We will achieve food sovereignty if we utilise the land that is in your possession and in your various states effectively,” he added.
The President reassured Nigerians that his administration would continue implementing policies aimed at easing economic hardship, creating jobs, improving food production and promoting inclusive growth.
Vice President Kashim Shettima also praised President Tinubu’s resolve in implementing reforms, particularly the removal of fuel subsidy, which he described as a bold move against long-standing corruption in the petroleum sector.
“Your Excellency, Mr President, this is the essence of your leadership. 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.
The Vice President said Tinubu chose to confront difficult structural challenges rather than postpone them for political convenience.
“In that defining hour, 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. That is the miracle of your courage,” he said.
The event formed part of activities commemorating the administration’s third year in office, with the President expressing optimism that ongoing reforms would continue to deliver tangible benefits to Nigerians in the years ahead.