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Nigeria’s President Bola Tinubu has once again defended the removal of fuel subsidy against criticism of his economic reforms.
The President, while hosting governors at his Ikoyi residence in Lagos to celebrate Eid-el-Kabir and the third anniversary of his administration, said the removal of fuel subsidy in the first minutes of his presidency saved Nigeria from imminent bankruptcy and that the difficult reform period was now yielding visible dividends for citizens.
“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,” he said.
His spokesperson, Bayo Onanuga, disclosed the details of the meeting in a statement he issued on Friday.
STATEHOUSE PRESS RELEASE
FUEL SUBSIDY REMOVAL SAVED NIGERIA FROM BANKRUPTCY, SAYS PRESIDENT TINUBU
President Bola Ahmed Tinubu on Friday said the removal of fuel subsidy by his administration saved the country from imminent bankruptcy and laid the foundation for the gradual… pic.twitter.com/gL3rHMrJII
— Bayo Onanuga, OON, CON (@aonanuga1956) May 29, 2026
According to the President, the subsidy regime had for years consumed enormous resources that benefited only a small fraction of Nigerians while depriving critical sectors of the investments they needed.
He also commended the governors for managing public expectations through the most turbulent phase of the reforms.
“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, no more. You kept the spirit, you kept the hope. You persuaded our people to be patient and endure these three years of painful reform, during which we reset the economy. Today, the benefits are showing,” he said.
Tinubu added that Nigeria’s economy has recovered and macroeconomic indices are “doing very well”.
The Vice President, Kashim Shettima, described Tinubu’s economic decisions as acts of historic courage that ended five decades of policy evasion.
“Your Excellency, Mr President, this is the essence of your leadership. You did not come to power in the season of ease. You came at a time when the house required more than a painter,” said Shettima.
“It required a builder with the courage to examine the foundation you inherited. In that defining hour, you chose not to postpone the surgery. You chose not to massage the wound. You chose to confront the contradictions that have held this country hostage for 50 years. That is the miracle of your courage.”
“What you have done is not simply to administer a government. You have begun the difficult work of re-engineering a nation. You have reminded us that reform is not a banquet; it is a battlefield. It is not a picnic for the chicken-hearted. It is a covenant with the future.”
