President Bola Tinubu has said his administration’s decision to remove fuel subsidy prevented Nigeria from sliding into bankruptcy and set the country on the path to economic recovery.
The President made the remark on Friday while hosting governors from across the country who paid him a Sallah visit and joined in celebrating the third anniversary of his administration.
Governors from Lagos, Nasarawa, Jigawa, Sokoto, Kebbi, Taraba, Niger, Ekiti, Delta, Ondo, Edo, Adamawa, Benue, Enugu, Ogun and Kogi states attended the event, alongside the deputy governors of Borno and Kano states.
Tinubu acknowledged that the subsidy removal was a difficult and painful decision for many Nigerians but maintained that it was necessary to avert fiscal collapse and restore economic stability.
According to him, Nigeria had spent vast resources on subsidy payments that were unsustainable and largely benefitted a few individuals at the expense of 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.
He noted that ongoing reforms in infrastructure, agriculture, social investment programmes, foreign exchange management and fiscal discipline were beginning to yield results by restoring investor confidence and improving economic prospects.
