President Bola Tinubu don tok say di removal of fuel subsidy by im administration prevent Nigeria from facing bankruptcy and don set di foundation for di economy to gradually recover.
Di statement wey im Special Adviser on Information and Strategy, Bayo Onanuga sign on Friday, reveal say Tinubu yarn dis tin wen state governors come visit am to celebrate Sallah and mark di third anniversary of im administration.
Governors wey come include those from Lagos, Nasarawa, Jigawa, Sokoto, Kebbi, Taraba, Niger, Ekiti, Delta, Ondo, Edo, Adamawa, Benue, Enugu, Ogun and Kogi States, plus di deputy governors of Borno and Kano.
On May 29, 2023, during im inauguration as President, Tinubu announce say “fuel subsidy is gone,” wey effectively end di programme. Di decision make petrol prices, transportation fares and cost of goods and services shoot up, wey contribute to economic hardship and high inflation.
Tinubu sabi say di decision to remove subsidy na difficult and painful tin for many Nigerians, but im maintain say e necessary to prevent fiscal collapse and restore long-term economic stability. According to am, years of subsidy payments don drain national resources and divert investments away from critical sectors of di economy.
“E dey challenging at di time, but we survive. We face litigation and accusations. We survive dem. Instead of bankruptcy, Nigeria don survive. Di economy don recover. E dey grow. Agriculture dey boom,” di President yarn.
Im explain say ongoing reforms for infrastructure, agriculture, foreign exchange management, fiscal discipline and social investment don already start to restore investor confidence and improve economic prospects. Im also assure Nigerians say im administration go continue to implement people-oriented policies wey go reduce hardship, create jobs, strengthen food security and promote inclusive growth.
Tinubu commend di governors for dia cooperation and support, noting say stronger collaboration between federal and state governments don contribute to economic stabilisation. Im say improved revenue allocation to states don enable dem to meet salary obligations, reduce dependence on borrowing and execute development projects.
“I dey glad governors no dey borrow from federal government again and dey ask for interventions and no sabi how to survive, how to pay salaries, no more. You keep di spirit, you keep di hope. You persuade our people to be patient and endure dis three years of painful reform, during wey we put di economy for reset. Today, di benefits dey show,” im yarn.
Di President add say macroeconomic indicators dey improve, while infrastructure projects, including roads and housing developments, dey revive or complete. Im also express optimism about di agricultural sector, saying Nigeria fit achieve food sovereignty if available land resources dey effectively utilised.
Vice President Kashim Shettima, wey also dey di event, praise di President’s leadership, describing di subsidy removal as a bold reform wey address long-standing challenges for di oil sector. Im say di administration choose not to delay difficult decisions but to confront structural problems head-on.
Kwara State Governor and Chairman of di Nigeria Governors’ Forum, Abdulrahman Abdulrazaq, yarn say di policy don significantly increase revenue wey dey available to states, enabling dem to clear salary and pension arrears and undertake infrastructure and social investment projects. Im add say states now dey less dependent on borrowing and urge consideration of a new minimum wage benchmark of N100,000.
Imo State Governor and Chairman of di Progressive Governors Forum, Hope Uzodinma, also commend di President, saying di country don stabilise and pull back from di brink of collapse. Im yarn say governors don assess di administration’s performance and rate am highly for im reform efforts.
Earlier, Lagos State Governor Babajide Sanwo-Olu welcome im counterparts to Lagos for di Sallah celebration with di President and thank dem for dia continued support for di administration.
