Abia State Governor Alex Otti has commended President Bola Ahmed Tinubu for implementing the removal of the petrol subsidy and the floating of the naira, describing the decisions as bold reforms that required courage despite their short-term economic impact.
Abia State Governor Alex Otti has applauded President Bola Ahmed Tinubu for what he described as courageous economic reforms, saying the removal of the petrol subsidy and the liberalisation of the foreign exchange market were difficult but necessary decisions for Nigeria’s long-term economic recovery.
Otti made the remarks while receiving First Lady Oluremi Tinubu during her visit to the Akwete Weaving Cooperative Village in Ukwa East Local Government Area of Abia State. The event also featured discussions on the revitalisation of the historic Akwete textile industry.
‘It Takes Courage to Remove Subsidy’
Speaking at the event, Otti said successive administrations had avoided implementing key economic reforms because of their political implications, but President Tinubu chose to take what he described as a courageous path.
According to the governor, the removal of the fuel subsidy and the decision to allow market forces to determine the value of the naira have significantly increased revenues available to the federal, state and local governments.
“It takes a man with courage to remove fuel subsidy and float the naira,” Otti said, adding that the policies have expanded the fiscal space available to governments across the country.
Says Reforms Have Increased Government Revenue
Otti argued that the reforms have enabled many states to meet salary obligations, execute infrastructure projects and invest more in development programmes.
He noted that increased allocations from the Federation Account have improved the financial capacity of sub-national governments, even though Nigerians continue to grapple with inflation and the rising cost of living.
The governor acknowledged the hardship associated with the reforms but maintained that the long-term benefits would outweigh the immediate economic pains.
Comments Come Amid Economic Debate
Tinubu’s economic reforms—including the removal of the petrol subsidy and exchange-rate reforms—remain among the most debated policies of his administration.
Supporters argue that the measures have strengthened public finances, reduced distortions in the economy and increased government revenues.
Critics, however, contend that the reforms have contributed to soaring inflation, higher transportation costs and increased hardship for millions of Nigerians.
Otti’s comments add to the growing list of political leaders publicly defending the administration’s economic direction despite its social costs.
President Tinubu announced the removal of the petrol subsidy on his inauguration day in May 2023 before later implementing reforms that effectively unified Nigeria’s foreign exchange market.
While international financial institutions have broadly welcomed the reforms as necessary for macroeconomic stability, labour unions and civil society groups have repeatedly called for stronger measures to cushion their impact on vulnerable Nigerians.