President Bola Tinubu says the removal of fuel subsidy saved Nigeria from imminent bankruptcy and helped stabilise the economy.
The president spoke on Friday while hosting state governors who visited him to celebrate Eid-el-Kabir and the third anniversary of his administration.
Among those present 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.
Tinubu acknowledged that the subsidy removal policy was difficult and painful for many Nigerians but said it became necessary to prevent fiscal collapse.
“It was challenging at the time, but we survived,” he said.
“We faced litigation and accusations. We survived them. Instead of bankruptcy, Nigeria has survived.”
The president said the economy is beginning to recover as a result of the reforms introduced by his administration.
“The economy has recovered. It is growing. Agriculture is booming,” he said.
Tinubu said ongoing infrastructure projects across the country would further support economic growth.
“Today, I was watching some clips of the Sokoto-Badagry axis. Imagine how many dams on that corridor for irrigation, farmland and electricity,” he said.
SUPPORTIVE GOVERNORS
The president commended state governors for supporting the reforms and encouraging Nigerians to remain patient.
“You have survived and promoted the perseverance of many of our people, asking them to trust this government,” he said.
“You have built that trust around one person — my leadership. I thank you very much.”
Tinubu also thanked Nigerians for enduring the economic hardship associated with the 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,” he said.
“Today, the benefits are showing.”
The president said key economic indicators suggest the country is on a path to recovery.
“Macroeconomic indices are doing very well,” he said.
“Construction is ongoing on roads and infrastructure. The ones abandoned have been rehabilitated.”
Tinubu added that the housing sector is improving and expressed optimism that Nigeria can achieve food sovereignty.
“The housing industry is coming on very well. Agriculture will prosper again,” he said.
“We will achieve food sovereignty if we utilise the land in your possession and in your various states effectively.”
The president assured Nigerians that his administration would continue to implement policies aimed at reducing hardship, creating jobs, strengthening food security and promoting inclusive economic growth.
