On Friday, President Bola Tinubu stated that his administration’s decision to eliminate fuel subsidies prevented Nigeria from going bankrupt and set the stage for the country’s economy to gradually recover.
Speaking at a Sallah celebration and third anniversary meeting with state governors, the President claimed that despite its agony, the contentious program was required to save the nation from financial ruin and reestablish economic stability.
The deputy governors of Borno and Kano states, together with the governors of Lagos, Nasarawa, Jigawa, Sokoto, Kebbi, Taraba, Niger, Ekiti, Delta, Ondo, Edo, Adamawa, Benue, Enugu, Ogun, and Kogi states, attended the ceremony.
Tinubu claimed that Nigeria has spent enormous sums of money on an unsustainable subsidy system that benefited a small number of people while denying vital industries much-needed investment for years.
“We made it through even though it was difficult at the time. We were accused and sued. They didn’t kill us. Instead of going bankrupt, Nigeria has managed to survive. The economy is now doing well. It’s growing. “Agriculture is booming,” declared the President.
Infrastructure, agriculture, social investment, foreign exchange management, and budgetary restraint reforms, according to Tinubu, are starting to pay off in the form of increased investor confidence and economic expansion.
Additionally, he praised governors for encouraging Nigerians to put up with the difficulties that came with the administration’s changes.
“I’m relieved that governors are no longer borrowing money from the federal government, requesting interventions, and struggling to make ends meet and pay their salaries. The spirit and hope were sustained by you. The advantages are now evident,” he said.
The President also noted that gains were being seen in the housing industry, agriculture, and road construction and repair projects across the country.
“If we effectively use the land in your possession and in your various states, we will achieve food sovereignty,” he declared.
Nigerians were reassured by Tinubu that his administration would keep enacting people-oriented policies meant to lessen hardship, generate employment, improve food security, and foster inclusive growth.
Tinubu was commended by Vice President Kashim Shettima for his bravery in eliminating the subsidies and taking on powerful oil industry figures.
“You did not rise to prominence during an easy time.” When you arrived, the house needed more than a carpenter. “You needed a builder who had the guts to look at the foundation you inherited,” Shettima remarked.
He called the reforms a “battlefield” rather than “a picnic for the chicken-hearted,” adding that the President had made the decision to address long-standing inconsistencies that were impeding the nation’s progress.
Abdulrahman Abdulrazaq, the governor of Kwara State, stated on behalf of the Nigeria Governors’ Forum that the elimination of gasoline subsidies and fiscal reforms had greatly increased the states’ financial capability.
He claimed that several governments could immediately reduce debt, pay off salary and pension arrears, and start important social and infrastructure investment initiatives.
“I think the country was shocked by Mr. President’s audacity to implement that serious policy, but it has greatly benefited from it today,” Abdulrazaq remarked.
He stated that the national minimum wage would eventually increase to N100,000 and said that several states were no longer need to issue bonds or take on significant debt in order to fulfill their duties.
Hope Uzodinma, the governor of Imo State and chair of the Progressive Governors Forum, also praised Tinubu for implementing audacious measures that stabilized the economy.
Uzodinma stated, “You have virtually recovered Nigeria from the brink of collapse to a state of stability and survival,” noting that governors had evaluated the President’s performance and gave him a “100 percent” rating.
Babajide Sanwo-Olu, the governor of Lagos State, had earlier praised his colleagues for their unwavering support of the President and his government and welcomed them to Lagos.
