SNOW TV NEWS DESK
President Bola Tinubu has defended his administration’s economic reforms, particularly the removal of the petrol subsidy, insisting that the decision helped prevent the Nigerian economy from sliding into a deeper financial crisis.
The president maintained that reversing the policy would be a step backwards, declaring that Nigeria would not return to the fuel subsidy regime despite the economic hardship many citizens have experienced since its removal.
Tinubu made the remarks on Friday, November 6, during a state reception organized in his honor at the newly constructed Banquet Hall of ARISE Palm Resort in Uyo, Akwa Ibom State. The event followed an All Progressives Congress (APC) rally at the Godswill Akpabio International Stadium.
Explaining the reasons behind his administration’s decision, Tinubu claimed that Nigeria was facing serious financial difficulties when he assumed office in May 2023. He recalled that 27 out of the country’s 36 state governors were struggling to meet their salary obligations, with pension and gratuity payments also becoming a major challenge.
According to him, maintaining the subsidy would have further weakened government finances and pushed the naira towards losing virtually all its value.
“By now, if we didn’t take a decision the day I took over, we would use wheelbarrows to move our naira. Because it would have been valueless, nothing,” the president said.
He referenced an exchange rate of approximately ₦1,300 to the dollar, arguing that his administration’s policies had helped preserve some value in the local currency and moved Nigeria away from the threat of bankruptcy.
Using the biblical story of Moses leading the Israelites out of Egypt as an illustration, Tinubu urged Nigerians to remain committed to the reforms, insisting that the country must continue moving forward rather than return to what he described as an unsustainable economic arrangement.
“Nigeria will never go back to the subsidy,” he declared.
The president also took aim at opposition figures Peter Obi and Atiku Abubakar, questioning their leadership credentials and criticizing their political records.
On education, Tinubu acknowledged the financial pressure facing Nigerian families and defended his administration’s efforts to make higher education more accessible. He also announced that funds recovered by the Economic and Financial Crimes Commission (EFCC) would be channelled into the government’s education program.
He said the initiative was designed to expand educational opportunities and make education a stronger tool for fighting poverty.
Tinubu further appealed to Akwa Ibom residents to support his administration, renewing his commitment to helping actualize the long-awaited Ibom Deep Seaport project.
While the president insists that his reforms were necessary to prevent economic collapse, the debate over their impact continues, particularly as millions of Nigerians grapple with rising living costs and the pressure of adjusting to a post-subsidy economy.
“Sir Bartholomew White Ebe is a Lagos-based media personality, Music Artist, Producer, and a Relationship Coach and independent journalist. With over seven years of experience tracking political developments and cultural shifts in Nigeria, he specializes in local current affairs, grassroots politics, and community-driven reporting across Lagos State. As the founder and chief editor of Snow Multimedia Connect {SNOW TV}, he leads the editorial team to deliver verified, high-impact stories to digital audiences.”
Email: snowmediaconnect@gmail.com
