Abuja, Nigeria – February 28, 2026 – President Bola Ahmed Tinubu has asserted that Nigeria is now in a significantly stronger economic position following the removal of the long-standing fuel subsidy in 2023, despite the widespread public criticism and hardship that accompanied the decision.
Speaking during an interfaith breaking of fast (Iftar) with members of the House of Representatives at the State House on Friday, February 27, 2026, the President described the initial backlash as emotionally charged and "high voltage," but insisted the reforms were essential to avert deeper fiscal collapse and set the nation on a path to sustainable recovery.
The event, which coincided with the overlapping holy seasons of Ramadan for Muslims and Lent for Christians, brought together lawmakers from both faiths in a display of unity. It provided President Tinubu an opportunity to reflect on the early challenges of his administration while expressing gratitude to the legislature for its support.
President Tinubu recounted the difficulties faced when his government implemented two major economic reforms shortly after assuming office in May 2023: the abrupt removal of the petrol subsidy and the unification (floating) of the foreign exchange market. These measures, aimed at eliminating fiscal leakages, reducing corruption in the oil sector, and attracting foreign investment, triggered immediate sharp increases in fuel prices, transportation costs, food inflation, and overall living expenses.
“It was initially very difficult at the beginning for people to realize the direction of my thinking,” the President stated. “But I’m glad that with the heat of the critics, none of you came to me to say can you reverse the removal of subsidy or can you change the foreign exchange floatation of naira? I am glad we are out of the dark tunnel.”
He praised the House members for not pressuring him to backtrack, noting that their collaboration and steadfastness provided the inspiration to push forward. “You collaborated and joined together as a team and gave me the inspiration to move on because the heat was high voltage from the critics but today we are better off for it,” he added.
The President went further, suggesting that the lawmakers' loyalty and resilience deserved recognition in the form of continuity in office. “And if there is anything that you deserve, you deserve a second term subject to our party and your party,” he said, amid applause from the gathering. This remark aligns with his earlier promises to support automatic tickets for sitting members in the 2027 elections to reduce high turnover and promote legislative stability.
Tinubu emphasized that the subsidy removal had curbed massive waste and corruption in the downstream oil sector, where subsidized fuel was often diverted for smuggling or sold illegally at inflated prices. He argued that the policy had freed up billions of naira previously lost annually to subsidy payments, allowing redirection toward infrastructure, social investments, and debt management.
Similarly, the forex unification, which ended multiple exchange rate windows and allowed market forces to determine the naira's value, was presented as crucial for stabilizing the economy, boosting export competitiveness, and drawing in foreign direct investment. The President acknowledged that citizens continue to feel the lingering effects of these changes, particularly in terms of elevated costs for goods and services.
However, he maintained that the country had navigated the most painful phase of adjustment. “The tension has subsided,” he noted. “Today we are better off for it.” This optimistic assessment echoes statements from administration officials, including Special Adviser on Economic Affairs Dr. Tope Fasua, who has repeatedly argued that reforms are yielding early gains in macroeconomic indicators, such as improved foreign reserves, reduced fiscal deficit pressures, and gradual stabilization in key sectors.
The President's remarks come amid ongoing public debate over the reforms' impact. While government data points to positive trends—like increased oil production targets, higher non-oil revenues, and international endorsements from bodies such as the IMF—many Nigerians still grapple with high inflation (hovering around 30-35% in recent months), unemployment, and reduced purchasing power. Opposition parties and labor unions have criticized the administration for inadequate palliatives and poor communication during the transition.
The interfaith Iftar also touched on other national priorities. President Tinubu reiterated his support for establishing state police through constitutional amendment, urging lawmakers to include safeguards against potential abuse by governors. He emphasized that security is inherently local and that state-level policing would complement federal efforts in combating insecurity across the federation.
Speaker of the House Tajudeen Abbas thanked the President for upholding the tradition of hosting interfaith gatherings and highlighted the symbolic importance of Ramadan and Lent overlapping this year. He commended Tinubu's leadership and pledged continued collaboration on reforms and legislation.
The event underscores the administration's efforts to foster bipartisan and interfaith support as it advances its Renewed Hope Agenda. With the 2027 elections on the horizon, President Tinubu's comments on second-term support for lawmakers signal an intent to build a strong political base while defending his economic legacy.
As Nigeria continues to implement structural adjustments, the President's assertion of emerging strength reflects confidence in long-term benefits, even as the government faces pressure to accelerate relief measures for vulnerable citizens and demonstrate tangible improvements in living standards.
