By Seun Ibiyemi
President Bola Ahmed Tinubu has strongly defended his administration’s decision to end fuel subsidies, describing it as a necessary step to rescue Nigeria’s economy from wasteful spending and set it on a path of sustainable growth.
Speaking at the 4th Elective National Convention of the All Progressives Congress held at Eagle Square in Abuja on Friday, Tinubu said no nation can achieve meaningful development while maintaining inefficient subsidy regimes.
He noted that the removal of subsidies was part of broader economic reforms under his administration’s Renewed Hope Agenda, stressing that difficult decisions were inevitable to rebuild the country’s economy.
“No economy grows by sustaining wasteful subsidies or dysfunctional priorities,” the President said, adding that “the sacrifices of today are laying the foundation for Nigeria’s prosperity tomorrow.”
Tinubu acknowledged that the reform process had come with challenges for citizens but maintained that the long-term benefits would outweigh the short-term pains.
He assured Nigerians that the government was committed to stabilising the economy and improving living conditions through targeted policies.
Highlighting the impact of the subsidy removal and related reforms, the President pointed to improvements in key economic indicators, including declining inflation, increased investor confidence, and a resurgence in economic activity.
According to him, Nigeria has recorded consistent economic expansion and renewed global financial credibility.
He also said funds previously spent on subsidies were now being redirected into critical sectors such as infrastructure, social investment programmes, and security, aimed at delivering tangible benefits to Nigerians.
Despite global economic pressures, including geopolitical tensions, Tinubu expressed confidence that Nigeria was transitioning from a period of economic strain to stability and eventual prosperity.
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The President urged members of the ruling party to remain united and supportive of ongoing reforms, emphasising that national development requires collective sacrifice and long-term commitment.
The subsidy removal, one of the most significant policy decisions of the current administration, continues to shape Nigeria’s economic direction, with the government insisting it remains essential for fiscal sustainability and growth.
