Tinubu: Fuel Subsidy Removal Saved Nigeria from Bankruptcy, Economy Now Recovering
President Bola Tinubu has defended his administration’s decision to remove fuel subsidy, saying the move saved Nigeria from financial collapse and laid the foundation for the country’s ongoing economic recovery.
Speaking in Lagos while hosting state governors and political leaders during the Eid-el-Kabir celebration and activities marking his administration’s third anniversary, Tinubu described the subsidy removal as a difficult but necessary decision that helped stabilise the economy and prevent bankruptcy.
The President acknowledged that the policy caused hardship for many Nigerians, but maintained that the country had begun to reap the benefits of the reforms.
According to him, years of spending on fuel subsidies drained public resources and prevented investments in critical sectors such as infrastructure, agriculture, healthcare, and education.
“It was challenging at the time, but we survived. We faced criticism, lawsuits and several accusations, but Nigeria survived. Instead of bankruptcy, our economy is recovering and growing. Agriculture is improving and major infrastructure projects are progressing,” Tinubu said.
He noted that ongoing road projects, including the Sokoto-Badagry Super Highway, would open up opportunities for irrigation, farming, electricity generation and economic growth across different regions of the country.
The President also commended state governors for supporting the reforms and helping Nigerians remain patient during the difficult transition period.
Tinubu stated that the fiscal reforms had strengthened the financial position of states, allowing many governors to meet their obligations without depending on federal government interventions.
“I am happy that governors are no longer coming to the federal government for bailouts or assistance to pay salaries. The reforms have put the economy on a stronger footing, and the benefits are beginning to show,” he added.
The President expressed optimism that Nigeria would achieve food security through better utilisation of agricultural land across the states, while assuring citizens that his administration would continue implementing policies aimed at reducing hardship, creating jobs and expanding economic opportunities.
Vice President Kashim Shettima praised Tinubu’s courage in removing the subsidy, describing the decision as one of the boldest reforms undertaken in Nigeria’s recent history.
According to Shettima, the President chose to confront long-standing economic challenges rather than postpone difficult decisions.
“What you have done is not just governance; it is the rebuilding of a nation. Reform is never easy, but it is necessary for the future,” the Vice President said.
Also speaking, Chairman of the Nigeria Governors’ Forum and Governor of Kwara State, AbdulRahman AbdulRazaq, said the subsidy removal and other fiscal reforms had significantly improved the finances of state governments.
He noted that many states had reduced borrowing, settled outstanding obligations and embarked on major development projects due to increased revenues.
Similarly, Chairman of the Progressive Governors Forum and Governor of Imo State, Hope Uzodinma, commended Tinubu for steering the country away from economic collapse.
He said the governors had assessed the President’s performance and were satisfied with the progress recorded so far.
As part of activities marking the administration’s third anniversary, Tinubu also inaugurated several tertiary education projects across the country through the Tertiary Education Trust Fund (TETFund), including new academic buildings, hostels, classroom complexes and research facilities in Nasarawa, Kaduna, Jigawa and Bauchi states.
The President also commissioned four major Compressed Natural Gas (CNG) projects in Lagos, Abuja and Imo State as part of efforts to expand clean energy infrastructure and reduce transportation costs following the removal of fuel subsidy.
Tinubu said Nigeria’s future energy needs would be driven by its vast gas resources, stressing that the country was gradually transitioning towards cleaner and more affordable energy alternatives.
He assured Nigerians that the government would continue investing in infrastructure, education, energy and agriculture to sustain economic growth and improve living standards across the country.
