President Bola Ahmed Tinubu has said his administration's decision to remove the fuel subsidy prevented Nigeria from sliding into bankruptcy and helped set the economy on a path to recovery.

The President made the remarks on Friday while hosting a delegation of state governors at the Presidential Villa to celebrate the Eid-el-Kabir festival and the third anniversary of his administration.

Among those present were the governors 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 states.

Tinubu defends subsidy removal

Addressing the governors, Tinubu acknowledged that the removal of the fuel subsidy imposed hardship on many Nigerians but maintained that the policy was necessary to avert a fiscal crisis and reposition the economy.

"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 noted that despite the opposition and legal challenges that followed the policy, the country had remained on course and was beginning to witness the benefits of the reforms.

Tinubu also pointed to opportunities for agricultural expansion and infrastructure development, citing the potential of irrigation and power projects along the Sokoto-Badagry corridor.

"Today I was watching some clips of the Sokoto-Badagry axis. Imagine how many dams on that corridor for irrigation, for farmland, for electricity," he said.

Tinubu thanks Nigerians and Governors

Tinubu expressed appreciation to Nigerians for their patience and resilience during what he described as a difficult transition period, saying the sacrifices made by citizens were beginning to yield results.

He also commended state governors for supporting the reform agenda and helping to build public confidence in government policies.

"Many of you have survived and promoted the perseverance of many of our people, asking them to trust this government, and you have built that trust around one person: my leadership. I thank you very much," he said.

The President added that collaboration between the Federal Government and state governments had been crucial in maintaining economic stability over the past three years.

Signs of economic recovery emerging

According to Tinubu, key economic indicators are improving as a result of reforms in fiscal management, foreign exchange policy, infrastructure development, and agriculture.

He said states were now in a stronger financial position and no longer depended heavily on federal interventions to meet basic obligations.

"I am glad governors are no longer borrowing from the federal government and asking for interventions and not knowing how to survive, how to pay salaries — no more.

"You persuaded our people to be patient and endure these three years of painful reform, during which we put the economy on a reset. Today, the benefits are showing," he said.

The President further stated that road construction projects were progressing across the country, previously abandoned infrastructure had been revived, and investments in housing and agriculture were gaining momentum.

"The economy has recovered. Macroeconomic indices are doing very well. Construction is ongoing on roads and infrastructure; the ones abandoned have been rehabilitated.

"The housing industry is coming on very well. Agriculture will prosper again. We will achieve food sovereignty if we utilise the land that is in your possession and in your various states effectively," he said.

Tinubu assured Nigerians that his administration would continue to pursue policies aimed at easing hardship, creating jobs, strengthening food security, and promoting inclusive economic growth.

STATEHOUSE PRESS RELEASE

FUEL SUBSIDY REMOVAL SAVED NIGERIA FROM BANKRUPTCY, SAYS PRESIDENT TINUBU

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… pic.twitter.com/gL3rHMrJII

— Bayo Onanuga, OON, CON (@aonanuga1956) May 29, 2026