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Tinubu Defends Fuel Subsidy Removal, Says Nigeria Escaped Bankruptcy

Written by

Promise Odejide

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President Bola Tinubu has defended his administration’s decision to remove fuel subsidy, stating that the move saved Nigeria from imminent bankruptcy and helped stabilise the economy.

The President made the remarks on Friday while hosting state governors at his Ikoyi residence in Lagos during Eid-el-Kabir celebrations and activities marking the third anniversary of his administration.

Tinubu Says Reforms Prevented Economic Collapse

According to Tinubu, the subsidy removal was a difficult but necessary decision that faced strong opposition, legal battles and public criticism.

“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,” the President said.

He argued that the fuel subsidy regime drained public resources while benefiting only a small segment of the population.

President Highlights Economic Gains

Tinubu said ongoing reforms in infrastructure, agriculture, social investments, fiscal management and foreign exchange policies are beginning to produce positive results.

“I’m glad governors are no longer borrowing from the federal government and asking for interventions and not knowing how to survive, how to pay salaries, no more,” he said.

The President added that construction projects are progressing nationwide, abandoned roads are being rehabilitated, and the housing sector is experiencing renewed growth.

He also expressed optimism that Nigeria could achieve food sovereignty if states fully utilise available agricultural land.

Sokoto-Badagry Highway Cited as Key Project

Tinubu pointed to the Sokoto-Badagry Super Highway project as a major economic corridor with vast opportunities for agriculture, irrigation and electricity generation.

“Imagine how many dams on that corridor for irrigation, for farmland, for electricity,” he said.

The President thanked governors for supporting his administration’s reforms and encouraging Nigerians to remain patient through the economic adjustment period.

Shettima Praises Tinubu’s Courage

Vice President Kashim Shettima described the reforms as a bold effort to address long-standing structural problems in the country.

“You chose not to postpone the surgery. You chose not to massage the wound. You chose to confront the contradictions that have held this country hostage for 50 years,” Shettima said.

He added that the administration was engaged in the difficult task of rebuilding and repositioning the nation for long-term growth.

Governors Back Tinubu’s Policies

Chairman of the Nigeria Governors’ Forum and Governor of Kwara State, AbdulRahman AbdulRazaq, said the reforms had improved state finances and reduced dependence on borrowing.

“I think the nation was shocked by the audacity of Mr President to implement that serious policy, but today, it has benefited immensely from that policy,” he said.

Imo State Governor Hope Uzodinma also praised Tinubu’s performance, claiming that governors had assessed the administration positively.

“You have virtually recovered Nigeria from the brink of collapse to a state of stability and survival,” Uzodinma said.

Several governors attended the meeting, including those from Lagos, Ogun, Enugu, Delta, Edo, Ondo, Ekiti, Niger, Sokoto, Kebbi, Jigawa, Nasarawa, Taraba, Adamawa, Benue and Kogi states.

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