Nigerian President Bola Tinubu has stated that his administration's decision to remove the fuel subsidy saved Nigeria from falling into a severe economic crisis, while paving the way for the country's economic recovery
Bola Ahmad Tinubu
The President made this remark on Friday while receiving some state governors who paid him a congratulatory visit over the Sallah celebration and the completion of three years of his administration.
He said that although the subsidy removal has brought challenges and hardship to Nigerians, the measure was necessary to save the country from its currency collapse and restore economic balance.
Tinubu said, "For years, Nigeria spent huge amounts on fuel subsidies, which according to him primarily benefited a small segment of the population, while critical sectors such as agriculture and infrastructure lacked the investment they needed."
He added that "the country's economy is showing signs of recovery, with agriculture and construction activities continuing to grow."
The President also commended state governors for their cooperation and support for his administration in implementing economic reforms.
He said, "Now states no longer struggle with seeking bailouts from the federal government to pay salaries as was previously the case."
On his part, Vice President Kashim Shettima praised Tinubu's resolve in tackling the challenges associated with fuel subsidies, stating that the president has shown courage in taking measures to reform the country's economy.