President Bola Tinubu says removing Nigeria’s fuel subsidy in 2023 saved the country from bankruptcy, telling governors in Lagos on Friday that the reforms are now delivering visible recovery.
Tinubu made the remarks while hosting state governors at his Ikoyi residence for Sallah celebrations and the third anniversary of his administration. Governors from at least 16 states attended, along with deputy governors from Borno and Kano.
He acknowledged that the decision drew litigation and public anger but insisted it spared the economy a collapse. “Instead of bankruptcy, Nigeria has survived,” Tinubu said, pointing to growth in agriculture and renewed investor confidence.
The President argued that the subsidy had drained national resources for decades while benefiting only a narrow group. He linked the turnaround to reforms across infrastructure, agriculture, social investment, foreign exchange management and fiscal policy.
Tinubu also noted that states no longer rely on federal bailouts to pay salaries. He said abandoned roads were being rehabilitated, the housing sector was expanding, and the country could reach food sovereignty by making full use of farmland in the states.
He highlighted the Sokoto to Badagry corridor as a future hub for irrigation, farmland and electricity, citing the dams that could line the route.
Vice President Kashim Shettima described the reforms as historic, saying Tinubu confronted economic contradictions that had held Nigeria back for 50 years.
Kwara State Governor and Nigeria Governors Forum (NGF) chairman AbdulRahman AbdulRazaq said the policy had strengthened state finances. He explained that many states were now cutting debt rather than issuing bonds or borrowing.
Imo State Governor Hope Uzodinma said the governors had assessed the administration and endorsed it fully, claiming they scored the President’s performance at 100 per cent.
