….Says reforms are restoring investor confidence and boosting state revenues
…Governors commend policy, seek N100,000 minimum wage benchmark
President Bola Ahmed Tinubu has defended his administration’s decision to remove fuel subsidy, saying the policy rescued Nigeria from imminent bankruptcy and laid the foundation for economic recovery and long-term stability.
The President made the assertion on Friday while hosting state governors who paid him a Sallah visit and joined him in marking the third anniversary of his administration.
According to a statement issued by his Special Adviser on Information and Strategy, Bayo Onanuga, Tinubu said the decision, though difficult and painful for many Nigerians, was necessary to avert fiscal collapse and reposition the nation’s economy.
He noted that years of fuel subsidy payments had placed enormous pressure on public finances, drained national resources and limited investment in critical sectors of the economy.
“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.
Tinubu maintained that reforms undertaken by his administration in key sectors, including infrastructure, agriculture, foreign exchange management, fiscal discipline and social investment, were beginning to yield positive results by restoring investor confidence and improving economic prospects.
The President assured Nigerians that his government would continue to implement policies aimed at reducing hardship, creating employment opportunities, enhancing food security and promoting inclusive economic growth.
He commended state governors for their support and cooperation, noting that stronger collaboration between the federal and state governments had contributed significantly to economic stabilisation.
According to him, increased revenue accruing to states following the subsidy removal has enabled many state governments to meet salary obligations, reduce dependence on federal interventions and execute development projects.
“I’m glad governors are no longer borrowing from the federal government and asking for interventions and not knowing how to survive or pay salaries. You kept the spirit, you kept the hope,” Tinubu stated.
The President also praised governors for encouraging citizens to remain patient throughout the implementation of the economic reforms.
“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,” he added.
Tinubu expressed optimism about the country’s economic outlook, saying macroeconomic indicators were improving while several infrastructure projects, including roads and housing schemes, were either being revived or completed.
He further stated that Nigeria could attain food sovereignty if its vast agricultural land resources were effectively utilised.
Vice President Kashim Shettima, who attended the meeting, described the removal of fuel subsidy as a courageous and necessary reform that addressed longstanding structural challenges in the petroleum sector.
According to him, the administration chose to confront difficult economic realities rather than postpone critical decisions.
Also speaking, Chairman of the Nigeria Governors’ Forum and Governor of Kwara State, AbdulRahman AbdulRazaq, said the policy had significantly increased funds available to state governments, enabling them to clear salary and pension arrears while embarking on infrastructure and social development projects.
AbdulRazaq noted that states had become less dependent on borrowing and advocated the consideration of a new national minimum wage benchmark of N100,000.
Similarly, Governor Hope Uzodinma of Imo State and Chairman of the Progressive Governors Forum commended the President for steering the country away from economic collapse and stabilising governance through reforms.
He said governors had assessed the administration’s performance and expressed satisfaction with the progress made over the past three years.
Earlier, Lagos State Governor Babajide Sanwo-Olu welcomed his colleagues to Lagos for the Sallah celebration and thanked them for their continued support for the Tinubu administration.
