President Bola Tinubu has said that the removal of fuel subsidy was a necessary decision that helped Nigeria avoid a major financial crisis and paved the way for economic recovery.
He made the statement on Friday while hosting state governors who visited him to celebrate Eid-el-Kabir and the third anniversary of his administration.
Tinubu acknowledged that the policy brought hardship to many Nigerians but insisted it was required to restore stability to the country’s finances.
According to him, the subsidy system consumed huge public resources for years while limiting investments in critical sectors needed for national development.
The President noted that despite public criticism and legal challenges, the country successfully navigated the difficult transition and avoided economic collapse.
He stated that the economy is showing signs of improvement, with growth returning and agricultural activities expanding across the country.
Tinubu also pointed to ongoing infrastructure projects, including developments along the Sokoto-Badagry corridor, as evidence of progress under his administration.
He thanked state governors for encouraging citizens to remain patient and supportive during the period of economic reforms.
The President assured Nigerians that reforms in infrastructure, agriculture, social investments, foreign exchange management and fiscal discipline were beginning to produce positive outcomes.
He commended the partnership between the federal and state governments, saying it had played a crucial role in stabilising the economy.
Tinubu observed that many states are now financially stronger and less dependent on federal government interventions to meet their obligations.
He further expressed confidence that ongoing investments in housing, roads and agriculture would boost economic prosperity and strengthen food security.
Vice President Kashim Shettima praised Tinubu for taking bold decisions, describing the subsidy removal as a courageous move to address long-standing challenges in the oil sector.
Speaking on behalf of the Nigeria Governors’ Forum, Kwara State Governor AbdulRahman AbdulRazaq said the reforms had increased state revenues, enabling governments to clear debts and execute development projects.
Imo State Governor Hope Uzodinma and Lagos State Governor Babajide Sanwo-Olu also commended the President’s leadership and economic reforms, while pledging continued support for his administration.
