President Bola Ahmed Tinubu says the removal of fuel subsidy by his administration saved Nigeria from imminent bankruptcy and laid the foundation for the gradual recovery of the nation’s economy.
In a statement by the Special Adviser to the President on Information and Strategy, Mr. Bayo Onanuga, President Tinubu made the remarks while receiving state Governors on a Sallah homage visit, during which they also congratulated him on the third anniversary of his administration.
While acknowledging the burden the policy placed on citizens, the President said “the subsidy removal was an unavoidable step to safeguard the nation’s finances and rebuild economic stability.”
The President said Nigeria had for years committed public funds to an unsustainable subsidy regime that disproportionately favoured a limited segment of the population while constraining investment in key sectors of the economy.
“It was challenging at the time, but we survived. We face 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 farm land, for electricity. Well, 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’’ the President said.
He assured citizens that the most challenging phase of the reforms was beginning to yield positive results and commended Nigerians for their endurance, understanding and confidence in the administration’s agenda.
The Nigerian leader said that the ongoing reforms in infrastructure, agriculture, social investment, foreign exchange management and fiscal discipline were beginning to restore investor confidence and improve economic prospects.
President Tinubu also commended the Governors for their cooperation, support and commitment to national development, noting that the partnership between the federal and state governments played a vital role in stabilising the economy.
He assured Nigerians that his administration would continue to implement people-oriented policies aimed at reducing hardship, creating jobs, strengthening food security and ensuring inclusive economic growth.
Vice President Kashim Shettima commended the President’s doggedness, tenacity and courage in confronting corruption in Nigeria’s oil industry in the name of the fuel subsidy.
“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 canter. It required a builder with the courage to examine the foundation you inherited.
“In that defining hour, you choose not to postpone the surgery. You choose not to massage the wound. You choose to confront the contradictions that have held this country hostage for 50 years; that is the miracle of your courage.
“What you have done is not simply to administer a Government. You have begun the difficult work of re-engineering a nation. You have reminded us that the reform is not a bank; it is a battlefield. It is not a picnic for the chicken-hearted. It is a covenant with the future,’’ VP Shettima said.
The Kwara State Governor, Abdulrahman Abdulrazaq, who spoke on behalf of the Nigeria Governors Forum, commended the policy initiatives of President Tinubu, which significantly enhanced the capacity of subnational governments to meet their obligations and execute critical developmental projects.
Governor Abdulrazaq stated that the removal of the fuel subsidy and fiscal reforms led to an increase in revenue accruing to states, enabling them to offset outstanding salaries, pensions, and other financial commitments, as well as to embark on landmark infrastructural and social investment programmes.
The Chairman of the Progressive Governors Forum and Imo State Governor, Hope Uzodinma, thanked the President for stabilising the nation’s economy through bold reforms.
Governor Babajide Sanwo-Olu had welcomed his colleagues to Lagos to celebrate Sallah with the President. He also thanked them for their continued support for the President and urged them to sustain the momentum.
In attendance were the Governors of 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.
