Nigeria Would Have Faced Bankruptcy – Tinubu Defends Fuel Subsidy Removal

According to Ireporter Online, President Bola Tinubu has said that the removal of fuel subsidy saved Nigeria from potential bankruptcy and positioned the country on a path of economic recovery and renewed growth.

The President made the remarks on Friday while hosting a delegation of state governors who visited him to mark the Eid-el-Kabir celebration and the third anniversary of his administration. The meeting had in attendance governors from Lagos, Nasarawa, Jigawa, Sokoto, Kebbi, Taraba, Niger, Ekiti, Delta, Ondo, Edo, Adamawa, Benue, Enugu, Ogun and Kogi states, while the deputy governors of Borno and Kano also participated.

Tinubu acknowledged that the removal of the subsidy triggered significant economic hardship for citizens, but maintained that the decision was unavoidable and necessary to stabilise the nation’s finances. He noted that despite initial challenges, including criticism and legal disputes, the economy has begun to recover.

“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 further stated that the country is now beginning to experience the benefits of ongoing reforms introduced over the past three years, pointing to developments in infrastructure and agriculture as indicators of progress. Tinubu also appreciated the governors for their cooperation and for encouraging citizens to endure the reform period.

The President commended state leaders for aligning with federal policies and maintaining stability across their respective states, adding that most states were now more financially independent and less reliant on federal bailouts.

“I’m glad governors are no longer borrowing from the federal government and asking for interventions and not knowing how to survive, how to pay salaries. You kept the spirit and persuaded our people to be patient and endure these three years of painful reform,” he said.

Tinubu also highlighted improvements in key economic indicators, ongoing road construction projects, and the rehabilitation of abandoned infrastructure across the country. He expressed optimism that the agricultural sector would play a central role in achieving food security if Nigeria’s vast arable land is fully utilised.

Looking ahead, the President assured Nigerians that his administration would continue implementing policies aimed at reducing hardship, boosting employment, strengthening food production, and driving inclusive economic growth.