‎Fuel Subsidy Removal Saved Nigeria From Bankruptcy– Tinubu Declares

‎President Bola Ahmed Tinubu has defended his administration’s decision to remove fuel subsidy, stating that the policy rescued Nigeria from imminent bankruptcy and set the nation on the path to economic recovery.
‎
‎The President made the remarks on Friday while hosting a delegation of 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.
‎
‎In attendance are governors from Lagos, Nasarawa, Jigawa, Sokoto, Kebbi, Taraba, Niger, Ekiti, Delta, Ondo, Edo, Adamawa, Benue, Enugu, Ogun and Kogi states attended the event, alongside the deputy governors of Borno and Kano states.
‎
‎Addressing the gathering, Tinubu acknowledged the hardships that followed the removal of fuel subsidy but maintained that the reform was necessary to avert fiscal collapse and stabilize the economy.
‎
‎”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,” Tinubu said.
‎
‎He credited state governors for supporting the administration’s economic reforms and helping Nigerians remain patient through what he described as three years of painful but necessary adjustments.
‎
‎According to the President, the government’s reform agenda has begun yielding positive results, with improvements recorded in infrastructure development, agriculture, housing, foreign exchange management and fiscal discipline.
‎
‎Tinubu expressed satisfaction that many state governments are now more financially stable and less dependent on federal interventions.
‎
‎”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. You kept the spirit and hope alive. Today, the benefits are showing,” he stated.
‎
‎The President further highlighted ongoing road construction projects across the country, rehabilitation of previously abandoned infrastructure, and renewed efforts to boost agricultural productivity and achieve food sovereignty.
‎
‎”The economy has recovered. Macroeconomic indices are doing very well. Construction is ongoing on roads and infrastructure, while abandoned projects have been revived. Agriculture will prosper again if we effectively utilize the vast land resources available across the states,” he added.
‎
‎Tinubu reassured Nigerians that his administration would remain committed to implementing policies aimed at easing economic hardship, creating jobs, strengthening food security and promoting inclusive growth.
‎
‎Speaking at the event, Vice President Kashim Shettima praised the President’s courage in eliminating fuel subsidy, describing the move as a bold step against decades of corruption and inefficiency in the oil sector.
‎
‎”You did not come to power in a season of ease. You came when the nation required a leader willing to confront difficult realities. Rather than postpone the surgery, you chose to address the contradictions that had held the country hostage for over 50 years,” Shettima said.
‎
‎The Vice President described Tinubu’s decision as a defining moment in Nigeria’s economic history, emphasizing that the reforms were laying the groundwork for long-term prosperity and national development.
‎
‎The fuel subsidy removal, announced by President Tinubu on May 29, 2023, remains one of the most consequential economic policies of his administration, generating both support and criticism while reshaping Nigeria’s fiscal landscape.

‎This administration remains focused on sustaining economic reforms and translating emerging gains into tangible improvements in the lives of Nigerians.
‎

FOLLOW BIGPEN NIGERIA - Get Breaking News Alerts

📱

WhatsApp

f

Facebook

X

X