President Bola Ahmed Tinubu has said that the removal of fuel subsidy by his administration averted what he described as imminent national bankruptcy and set the economy on a path of recovery.

The President made the remarks on Friday while hosting state governors who visited him to mark Sallah celebrations and the third anniversary of his administration.

Governors present included those of Lagos, Nasarawa, Jigawa, Sokoto, Kebbi, Taraba, Niger, Ekiti, Delta, Ondo, Edo, Adamawa, Benue, Enugu, Ogun, and Kogi States, alongside deputy governors from Borno and Kano.

‘Difficult but necessary decision’

Tinubu acknowledged that the decision to remove fuel subsidy was painful for citizens but insisted it was unavoidable to prevent fiscal collapse.

“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 and is growing. Agriculture is booming,” the President said.

He added that reforms under his administration were beginning to yield tangible results across key sectors, including infrastructure, agriculture, housing, and fiscal management.

Economic recovery claims

The President cited ongoing infrastructure projects, including work along the Sokoto–Badagry corridor, describing them as part of a broader push to unlock agricultural and industrial potential.

He said his administration’s reforms had improved investor confidence and stabilised key economic indicators.

“I’m glad governors are no longer borrowing from the federal government and asking for interventions… The economy has been reset and today the benefits are showing,” he said.

Tinubu also stated that states were now better positioned financially, noting improved fiscal coordination between federal and subnational governments.

He added that ongoing construction and rehabilitation projects across the country were evidence of economic recovery.

“The housing industry is coming on very well. Agriculture will prosper again. We will achieve food sovereignty if we utilise the land in your possession effectively,” he said.

Call for continued reforms

The President assured Nigerians that his administration would continue implementing policies aimed at reducing hardship, creating jobs, strengthening food security, and promoting inclusive growth.

He also commended governors for their support and cooperation in implementing economic reforms, describing their collaboration as key to stabilising the country.

Shettima praises subsidy decision

Vice President Kashim Shettima praised the President’s leadership, describing the removal of fuel subsidy as a bold response to long-standing structural challenges in the oil sector.

He said the administration chose reform over delay, arguing that decisive action was necessary to address decades of inefficiency and corruption in the system.

According to him, the policy decision reflected “courage in confronting entrenched economic contradictions” and marked a turning point in Nigeria’s governance approach.