30/05/2026
TINUBU @ 3: HOW THE PRESIDENT “TOOK THE BULLET” TO SAVE NIGERIA
Fuel Subsidy Gamble, Naira Reforms and Economic Pain: Survival or Sacrifice?
By Oladipo Oluwatosin
Three years after one of the most consequential presidential declarations in Nigeria’s democratic history — “Fuel subsidy is gone” — President Bola Ahmed Tinubu says Nigeria has escaped what he described as imminent bankruptcy, while his allies insist he “took the bullet” to save Africa’s largest economy from collapse.
Speaking Friday at a Sallah gathering with governors marking the third anniversary of his administration, President Tinubu defended the painful economic reforms that triggered nationwide hardship but also altered Nigeria’s fiscal trajectory.
According to the President, removing fuel subsidy in May 2023 was not merely a policy decision but an economic emergency intervention aimed at stopping Nigeria from sliding into financial ruin.
«“Instead of bankruptcy, Nigeria has survived. The economy has recovered. It is growing,” Tinubu declared before governors at the State House gathering.»
Yet, three years after the dramatic reform agenda began, the verdict among Nigerians remains deeply divided: Did Tinubu rescue Nigeria, or merely transfer the burden of economic restructuring to suffering citizens?
THE BULLET TINUBU TOOK
Presidential spokesman, Bayo Onanuga, framed the subsidy removal as an act of political courage — one in which the President knowingly absorbed public anger to avert national collapse.
Within government circles, officials argue that Tinubu inherited an economy dangerously weakened by ballooning debt, declining oil revenue, multiple exchange rates, subsidy leakages and dwindling foreign reserves.
For decades, Nigeria spent trillions subsidising petrol prices. Economists repeatedly warned that the system had become unsustainable, corruption-ridden and heavily exploited by smugglers and powerful interests.
By 2023, subsidy payments had reportedly consumed funds that could have gone into roads, healthcare, education and agriculture.
Tinubu’s supporters argue the President did what previous administrations feared to attempt fully: he confronted what Vice President Kashim Shettima called “the contradictions that have held this country hostage for 50 years.”
“You choose not to postpone the surgery,” Shettima told the President. “You choose not to massage the wound.”
For many inside government, Tinubu effectively “took the bullet” politically — accepting mass criticism, protests and declining popularity in exchange for economic correction.
THREE YEARS OF ECONOMIC SHOCK
But the surgery came with pain — severe pain.
The immediate aftermath of subsidy removal triggered a sharp rise in fuel prices, transportation costs and inflation.
Petrol prices rose from under ₦200 per litre in 2023 to levels many Nigerians considered unbearable. The floating of the naira worsened the pressure as the currency weakened significantly against the dollar.
The consequences were swift:
- Rising food inflation
- Increased transport fares
- High production costs for businesses
- Reduced purchasing power
- Escalating poverty pressures on households
For ordinary Nigerians, economic survival became the central theme of daily existence.
Families adjusted diets. Businesses downsized. Middle-class households slipped into vulnerability. Salary earners found themselves trapped between stagnant wages and soaring living costs.
In markets across the country, the question became familiar:
“How do Nigerians survive this economy?”
Yet, the administration insists these pains were inevitable transition costs.
WHERE THE GOVERNMENT SAYS PROGRESS IS SHOWING
President Tinubu says the benefits of reform are beginning to emerge.
According to the Presidency, increased state allocations after subsidy removal have significantly strengthened subnational governments.
Governors who once depended heavily on federal bailouts now claim improved financial stability.
Speaking on behalf of the Nigeria Governors’ Forum, AbdulRahman AbdulRazaq credited Tinubu’s reforms for increasing state revenues.
“I think the nation was shocked by the audacity of Mr President,” he said, “but today, it benefited immensely.”
Several governors now claim they are paying salaries more consistently, reducing borrowing and funding capital projects.
Infrastructure projects abandoned for years have resumed, while federal road rehabilitation has intensified in some corridors.
The administration also points to:
- Rising government revenue
- Improved fiscal discipline
- Increased investor confidence
- Renewed agricultural expansion
- Stronger FAAC allocations to states
- Renewed infrastructure financing
Tinubu believes agriculture remains the next frontier for recovery, particularly through irrigation expansion and state-level land utilisation.
THE OTHER SIDE OF THE STORY
Still, critics insist the macroeconomic gains have not translated into household relief.
While government officials cite positive indicators, millions of Nigerians continue to battle high food prices, unemployment concerns and rising living expenses.
Economic experts warn that recovery measured in fiscal indicators may not immediately reflect in kitchens, transport fares or school fees.
Many citizens say the economy feels more punishing than stabilised.
Opposition voices have repeatedly argued that reform without adequate social cushioning widened inequality and deepened hardship.
Questions also persist over whether subsidy savings have been transparently deployed.
For many Nigerians, the test remains simple:
Can economic recovery be considered successful if citizens still struggle to feed?
THE POLITICAL BET OF 2027
Tinubu’s reform agenda may ultimately become the defining political argument heading toward 2027.
The President appears convinced history will vindicate his decisions.
His allies increasingly compare his leadership to a difficult surgeon forced to perform painful procedures to save a dying patient.
Governor Hope Uzodinma even described the President as the leader who “recovered Nigeria from the brink of collapse.”
But outside government circles, Nigerians are likely to judge the administration through a more personal lens:
Can they afford food?
Are jobs increasing?
Has hardship reduced?
Is life getting better?
Three years into the Tinubu presidency, one reality stands uncontested: the administration fundamentally altered Nigeria’s economic direction.
Whether history remembers it as an era of painful rescue or avoidable suffering may depend on what happens next.
For now, the debate continues over a presidency that, in the words of its defenders, “took the bullet so Nigeria could survive.”