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 recovery of the nation’s economy.
President bola tinubu made the declaration when he hosted state governors who came to celebrate with him the Sallah and the third anniversary of the administration.
President Tinubu in a press statement issued by his special adviser on information and strategy bayo onanuga and sighted by energynewsstream.com acknowledged that the decision to remove the subsidy was difficult and painful for many Nigerians, but stressed that it became necessary to rescue the country from fiscal collapse and restore economic stability.
According to the President, the country had spent enormous resources for years on unsustainable subsidy payments that benefited only a few while denying critical sectors of the economy the investments they needed.
“It was challenging at the time, but we survived. We face litigation and accusations. We survived them. Instead of bankruptcy, Nigeria has survived. The economy has recovered. It is growing. Agriculture is booming.
President Tinubu in the statement also thanked Nigerians for their patience, resilience and understanding, assuring them that the difficult phase was gradually yielding positive outcomes.
The President said ongoing reforms in infrastructure, agriculture, social investment, foreign exchange management and fiscal discipline were beginning to restore investor confidence and improve economic prospects.
The President assured Nigerians that his administration would continue to implement people-oriented policies aimed at reducing hardship, creating jobs, strengthening food security and ensuring inclusive economic growth.
Vice President Kashim Shettima in his own remarks at the meeting commended the President’s doggedness, tenacity and courage in confronting corruption in Nigeria’s oil industry under fuel subsidy regime.
Kwara State Governor, Abdulrahman Abdulrazaq, who spoke on behalf of the Nigeria Governors` Forum, commended the policy initiatives of President Tinubu, which significantly enhanced the capacity of subnational governments to meet their obligations and execute critical developmental projects.
Abdulrazaq stated that the removal of the fuel subsidy and fiscal reforms led to an increase in revenue accruing to states, enabling them to offset outstanding salaries, pensions, and other financial commitments, as well as to embark on landmark infrastructural and social investment programmes.
Beyond the removal of fuel subsidy by the bola tinubu’s government in the last three years, other significant reforms in the nation’s oil and gas sector in the last three years also include the signing of three executive orders to make Nigeria oil and gas market competitive and attractive under the oil and gas companies tax incentive order 2024, local content compliance directive 2024 and the contracting cost and timeline directive 2024. The presidential CNG initiative, gas infrastructure projects, upstream cost efficiency order 2025, project one million barrels per day, are also other major reforms initiatives in Nigeria’s oil and gas sector which the administration has continuously push to drive growth for the industry.
