President Bola Tinubu on Friday said the removal of fuel subsidy by his administration saved Nigeria from imminent bankruptcy and laid the foundation for gradual economic recovery.
Tinubu spoke when he hosted state governors who visited him to celebrate Sallah and the third anniversary of his administration.
In a statement by the Special Adviser on Information & Strategy, Bayo Onanuga, the President acknowledged that the decision was difficult and painful for many Nigerians, but stressed it was necessary to rescue the country from fiscal collapse and restore economic stability.
He thanked Nigerians for their patience, resilience, and understanding, assuring them that the tough phase was gradually yielding positive results.
According to him, ongoing reforms in infrastructure, agriculture, social investment, foreign exchange management, and fiscal discipline were restoring investor confidence and improving economic prospects.
“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 clips of the Sokoto–Badagry axis. Imagine how many dams on that corridor for irrigation, farmland, and electricity. Many of you have promoted perseverance among our people, asking them to trust this government, and you have built that trust around one person: my leadership. I thank you very much,” the President said.
Tinubu commended governors for their cooperation and commitment to national development, noting that federal-state partnership was key to stabilising the economy.
“I’m glad governors are no longer borrowing from the federal government or asking for interventions to pay salaries. No more. You kept the spirit, you kept the hope. You persuaded our people to be patient and endure three years of painful reform, during which we put the economy on a reset. Today, the benefits are showing.
“The economy has recovered. Macroeconomic indices are doing very well. Construction is ongoing on roads and infrastructure; abandoned ones have been rehabilitated.
“The housing industry is coming on well. Agriculture will prosper again. We will achieve food sovereignty if we utilise the land in your various states effectively,” he said.
He assured Nigerians that his administration would continue people-oriented policies to reduce hardship, create jobs, strengthen food security, and ensure inclusive growth.
Also speaking, Vice President Kashim Shettima praised Tinubu’s courage in confronting corruption in the oil sector through subsidy removal.
“Your Excellency, this is the essence of your leadership. You did not come to power in a season of ease. You came when the house needed more than a caretaker. It needed a builder with the courage to examine the foundation you inherited.
“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 held this country hostage for 50 years. That is the miracle of your courage,” Shettima said.
Governors in attendance included those of Lagos, Nasarawa, Jigawa, Sokoto, Kebbi, Taraba, Niger, Ekiti, Delta, Ondo, Edo, Adamawa, Benue, Enugu, Ogun, and Kogi, plus deputy governors of Borno and Kano.
Subsidy Removal Saved Nigeria from Bankruptcy ~ Tinubu
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