President Bola Ahmed Tinubu on Friday said the removal of fuel subsidy by his administration saved the country from “imminent bankruptcy and laid the foundation for the gradual recovery of the nation’s economy.”
He spoke while hosting state governors who paid him a Sallah homage and joined in celebrating the third anniversary of his administration.
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.
President Tinubu acknowledged that the decision to remove the subsidy was difficult and painful for many Nigerians, but stressed that it became necessary to rescue the country from “fiscal collapse and restore economic stability.”
According to the President, the country had spent enormous resources for years on ‘unsustainable’ subsidy payments that benefited only a few while denying critical sectors of the economy the investments they needed.
“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.
President Tinubu also thanked Nigerians for their patience, resilience and understanding, assuring them that the difficult phase was gradually yielding positive outcomes.
The President said 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.
“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. You kept the spirit, you kept the hope. You persuaded our people to be patient and endure these three years of painful reform, during which we put the economy on a reset. Today, the benefits are showing.
“The economy has recovered. Macroeconomic indices are doing very well. Construction is ongoing on roads and infrastructure; the ones abandoned have been rehabilitated.”
The President 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.
Also speaking, Vice President Kashim Shettima commended the President’s doggedness, tenacity and courage in confronting corruption in Nigeria’s oil industry.
“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 a builder with the courage to examine the foundation you inherited.”
Kwara State Governor, Abdulrahman Abdulrazaq, who spoke on behalf of the Governors’ Forum, commended the policy initiatives of President Tinubu, which, according to him, significantly enhanced the capacity of sub-national governments to meet their obligations and execute critical developmental projects.
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.
