President Bola Ahmed Tinubu on Friday vigorously defended his administration’s controversial decision to eliminate the decades-long fuel subsidy regime, declaring that the audacious fiscal policy effectively rescued Nigeria from imminent national bankruptcy.
Speaking in Lagos while hosting an assembly of state governors who paid him a festive Sallah homage to commemorate his third anniversary in office, the President acknowledged the severe economic hardships the policy initially imposed on citizens but insisted it was the only logical strategy to avert a full-scale fiscal collapse.
In a statement released by his Special Adviser on Information and Strategy, Bayo Onanuga, Tinubu emphasized that previous administrations had drained critical national resources on an unsustainable subsidy model that systematically enriched a select group of individuals at the expense of infrastructure development.
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Supporting the president's position, Vice President Kashim Shettima lauded Tinubu’s immense administrative courage, describing the structural overhaul as a necessary surgical intervention to correct deep-rooted economic contradictions that had held the West African nation hostage for fifty years.
Speaking on behalf of the Nigeria Governors’ Forum, Kwara State Governor AbdulRahman AbdulRazaq confirmed that the resulting distribution of freed revenues has fundamentally transformed subnational balance sheets, allowing states to clear long-standing salary arrears, settle pension liabilities, and drastically reduce their reliance on federal bailouts and commercial bond market borrowing.
Amid the celebratory assessment, Governor AbdulRazaq also urged the presidency to look into upwardly adjusting the national minimum wage to N100,000 to buffer ongoing inflationary pressures, while the Chairman of the Progressive Governors' Forum, Hope Uzodinma, announced that the state executives had collectively scored the President’s three-year performance a perfect one hundred percent.
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