President Bola Tinubu has said the removal of fuel subsidy prevented Nigeria from slipping into bankruptcy and helped put the country on the path to economic recovery.
PrimeTimes Nigeria reports that Tinubu spoke on Friday while hosting state governors who visited him to celebrate the Eid-el-Kabir festival and the third anniversary of his administration.
The meeting was attended by governors from Lagos, Nasarawa, Jigawa, Sokoto, Kebbi, Taraba, Niger, Ekiti, Delta, Ondo, Edo, Adamawa, Benue, Enugu, Ogun and Kogi states. The deputy governors of Borno and Kano were also present.
Speaking during the gathering, the President acknowledged that ending the subsidy caused hardship for many Nigerians but maintained that the decision was necessary to save the country’s finances.
“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,” Tinubu said.
He stated that the country is beginning to reap the rewards of reforms introduced over the past three years. The President pointed to ongoing infrastructure projects and opportunities in agriculture as signs of improvement.
“Many of you have survived and promoted the perseverance of many of our people, asking them to trust this government. I thank you very much,” he told the governors.
Tinubu also expressed gratitude to Nigerians for remaining patient despite the economic challenges that followed the reforms. According to him, the difficult period is gradually giving way to positive results.
He said reforms in infrastructure, agriculture, social investment programmes, foreign exchange management and fiscal policies are helping to rebuild investor confidence and improve economic prospects.
The President praised state governors for supporting federal government policies and helping to maintain stability across the country.
“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. You kept the spirit and persuaded our people to be patient and endure these three years of painful reform,” he said.
Tinubu added that key economic indicators have shown improvement, while road construction and rehabilitation projects are progressing across the country.
“The economy has recovered. Macroeconomic indices are doing very well. Construction is ongoing on roads and infrastructure, while abandoned projects have been rehabilitated,” he stated.
He also expressed optimism about the future of the agricultural sector, saying Nigeria could achieve food security if available land resources are properly utilised.
“The housing industry is coming on very well. Agriculture will prosper again. We will achieve food sovereignty if we utilise the land in your various states effectively,” the President said.
Tinubu assured Nigerians that his administration would continue implementing policies aimed at reducing hardship, creating jobs, strengthening food production and promoting economic growth that benefits more citizens.