Abia State Governor Alex Otti has commended President Bola Tinubu for removing the fuel subsidy and allowing the naira to float, describing the economic policies as bold decisions that demanded political courage despite the short-term challenges they created.
Speaking during the visit of the First Lady, Senator Oluremi Tinubu, to Abia State on Tuesday, Otti said the reforms represented difficult but necessary steps aimed at repositioning Nigeria’s economy for long-term growth. The governor made the remarks while welcoming the First Lady to Ukwa East Local Government Area, where she visited to celebrate and promote the historic Akwete weaving heritage.
Addressing the First Lady, Otti requested that she convey his appreciation to President Tinubu for implementing what he described as courageous economic reforms.
According to the governor, removing fuel subsidy and liberalising the foreign exchange market in 2023 required strong leadership because of the immediate economic consequences attached to both decisions. He noted that although many Nigerians may not fully appreciate the significance of the reforms, they were necessary to address longstanding structural problems within the economy.
Explaining his position, Otti said the policies had significantly expanded the financial resources available to the federal, state and local governments.
According to him, funds previously used to sustain fuel subsidy payments can now be redirected towards infrastructure development, salary payments and programmes that encourage productive economic activities. He stated that many state governments are now in a stronger financial position to meet salary obligations, execute capital projects and support initiatives capable of stimulating production rather than consumption.
While defending the reforms, the Abia governor acknowledged that the decisions have imposed short-term economic hardship on many Nigerians. He argued, however, that difficult policy choices often come with temporary consequences before their long-term benefits become evident.
According to Otti, every major reform carries its own challenges, and the effects of subsidy removal and exchange rate liberalisation were expected during the adjustment period. He expressed confidence that the economy would gradually stabilise as the reforms continue to take effect.
Commenting on the country’s current economic difficulties, Otti maintained that much of the hardship being experienced today stems from years of unsustainable fiscal policies rather than the reforms themselves. He suggested that the present challenges should be viewed as the result of previous economic practices, adding that the current administration’s policies are designed to correct those imbalances over time.
The governor reiterated that although the transition has been difficult, the reforms are laying the foundation for stronger public finances and a more sustainable economic future. The Otti praises Tinubu remarks add to the ongoing national debate over the impact of the Federal Government’s economic reforms, with supporters pointing to improved government revenues and critics highlighting the increased cost of living experienced by many Nigerians.
