FUEL SUBSIDY REMOVAL SAVED NIGERIA FROM BANKRUPTCY — TINUBU

FUEL SUBSIDY REMOVAL SAVED NIGERIA FROM BANKRUPTCY — TINUBU

President Bola Ahmed Tinubu has defended his administration’s decision to remove fuel subsidy, stating that the policy prevented Nigeria from sliding into bankruptcy and helped stabilise the nation’s economy.

The President made the remarks on Friday while hosting members of the Nigeria Governors’ Forum (NGF) and other state officials who paid him a Sallah and third anniversary visit.

Among those present were governors from Lagos, Ondo, Delta, Ogun, Sokoto, Niger, Benue, Edo, Taraba, Adamawa, Enugu, Nasarawa, Jigawa, Kebbi, Kogi, and Ekiti States, alongside deputy governors from Borno and Kano States.

Speaking during the meeting, Tinubu acknowledged that the removal of subsidy on petroleum products was difficult and painful for many Nigerians but insisted that it was necessary to prevent fiscal collapse.

According to him, the country had spent huge amounts on subsidy payments over the years, limiting investments in key sectors such as infrastructure, agriculture, healthcare, and education.

“It was challenging at the time, but we survived. Instead of bankruptcy, Nigeria has survived. The economy has recovered. It is growing. Agriculture is booming,” the President said.

Tinubu noted that the government’s economic reforms, including fiscal discipline, foreign exchange management, and infrastructure investment, are beginning to yield results through improved macroeconomic indicators and increased investor confidence.

He also praised state governors for supporting the administration’s reform agenda and encouraging citizens to remain patient during the transition period.

“I’m glad governors are no longer borrowing from the federal government and asking for interventions to survive or pay salaries. Today, the benefits are showing,” he stated.

The President further assured Nigerians that his administration would continue implementing policies aimed at reducing hardship, strengthening food security, creating jobs, and promoting inclusive economic growth.

Vice President Kashim Shettima also commended Tinubu for what he described as courageous leadership in confronting long-standing economic challenges.

According to Shettima, the President chose to address structural issues in the economy rather than postpone difficult decisions.

“What you have done is not simply to administer a government. You have begun the difficult work of re-engineering a nation,” the Vice President said.

On behalf of the Nigeria Governors’ Forum, Kwara State Governor AbdulRahman AbdulRazaq praised the administration’s economic policies, saying the reforms improved the financial capacity of state governments.

He explained that increased allocations to states after subsidy removal had enabled many governors to clear salary arrears, pensions, and debts while executing developmental projects.

AbdulRazaq also urged the Federal Government to consider raising the national minimum wage to N100,000, citing the need to improve workers’ welfare amid current economic realities.

Similarly, Chairman of the Progressive Governors’ Forum and Imo State Governor, Hope Uzodinma, described Tinubu’s reforms as bold steps that helped stabilise Nigeria’s economy.

He said governors at the subnational level had directly benefited from the administration’s policies and commended the President for his leadership style and economic direction.

The meeting formed part of activities marking the third anniversary of the Tinubu administration and the Eid-el-Kabir celebrations.