By Yakubu Lawal
President Bola Ahmed Tinubu has again defended his removal of fuel subsidy which he said was done in the interest of the nation. At the same time, he listed the ongoing construction of Lagos-Calabar and Sokoto –Badagry Highways as well as huge financial liquidity in the coffers of State governors as some of the physical benefits of the removal of fuel subsidy by his administration.
Tinubu further explained that subsidy removal had saved Nigeria from imminent bankruptcy stressing that the strategy helped to lay a solid foundation for the systematic recovery of the nation’s battered economy.
Tinubu stated this when he hosted some state governors who visited him in Lagos to celebrate Eid-el-Adha and the third anniversary of his administration.
The President noted that the subsidy removal was a difficult and painful decision for many Nigerians but maintained that it was necessary to avert fiscal collapse and restore economic stability.
According to him, the country had spent enormous resources on unsustainable subsidy regime that largely benefited a few individuals while depriving critical sectors of the economy the needed funds
“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 pointed to the ongoing infrastructure projects across the country, including the Sokoto-Badagry Super Highway, as evidence of the benefits of the reforms.
President Tinubu also commended governors for supporting the administration’s reform agenda and encouraging Nigerians to remain patient throughout the difficult transition period.
Tinubu noted that states are now financially stronger and less dependent on federal government interventions and urged them to embark on projects that would uplift the living conditions of their subject.
Sixteen governors and two deputy governors who visited include , Lagos, Adamawa, Benue, Nasarawa, Jigawa, Sokoto, Kebbi, Taraba, Niger, Ekiti, Delta, Ondo, Edo , Enugu, Ogun and Kogi states, as well as the deputy governors of Borno and Kano states.
The President stressed that his administration would continue implementing policies aimed at reducing hardship, creating jobs, improving food security and ensuring inclusive economic growth.
Speaking at the event, Vice President Kashim Shettima praised the President’s courage in removing fuel subsidy and confronting long-standing distortions in the nation’s oil sector.
“You did not come to power in a season of ease. You came at a time when the house required more than a caretaker. It required a builder with the courage to examine the foundation you inherited,” Shettima said.
He described the subsidy removal as a bold reform that had begun the process of re-engineering the nation’s economy.
Also speaking, Chairman of the Nigeria Governors’ Forum and Governor of Kwara State, AbdulRahman AbdulRazaq, said the policy had significantly strengthened the finances of state governments.
He noted that the reforms increased revenues accruing to states, enabling them to clear outstanding salary and pension obligations while embarking on major infrastructure and social investment projects.
“I think the nation was shocked by the audacity of Mr President to implement that serious policy, but today, the country has benefited immensely from it. Many states that previously relied on borrowing are now reducing their debt burden,” AbdulRazaq said.