President Bola Ahmed Tinubu on Friday said the removal of fuel subsidy by his administration saved Nigeria from what he described as imminent economic collapse and helped stabilise the nation’s economy.
In a statement issued by the Special Adviser to the President on Information and Strategy, Bayo Onanuga on May 29, 2026, he stated this while hosting state governors at the Presidential Villa, Abuja, who visited to join him in celebrating Sallah and the third anniversary of his administration.
The governors in attendance included those of Lagos, Nasarawa, Jigawa, Sokoto, Kebbi, Taraba, Niger, Ekiti, Delta, Ondo, Edo, Adamawa, Benue, Enugu, Ogun and Kogi States, as well as the deputy governors of Borno and Kano.
Tinubu said the decision to end the subsidy, though difficult, was necessary to prevent the country from sliding into bankruptcy.
“It was challenging at the time, but we survived. Instead of bankruptcy, Nigeria has survived. The economy has recovered and is growing,” he said.
He added that ongoing reforms in agriculture, infrastructure, foreign exchange management and fiscal discipline were already yielding results and restoring investor confidence.
According to him, the reforms were also strengthening cooperation between the federal and state governments, with governors now better able to manage their finances without constant federal support.
“I’m glad governors are no longer borrowing from the federal government… You kept the spirit, you kept the hope,” he said.
Tinubu noted that ongoing infrastructure projects, housing initiatives and agricultural reforms were part of efforts to reposition the economy for long-term growth.
Vice President Kashim Shettima commended the President for what he described as a bold and necessary decision to address distortions in the oil sector, saying it reflected courage and leadership at a critical time in Nigeria’s history.
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