Senate President Godswill Akpabio praises President Bola Tinubu's economic reforms, highlighting the removal of the fuel subsidy and the passage of Nigeria's largest-ever budget. Akpabio expresses confidence in the country’s economic recovery and diversification beyond oil, signaling a positive outlook for Nigeria’s future.
Senate President Godswill Akpabio has voiced his confidence that Nigeria’s economy is on the right path, attributing this positive outlook to the extensive reforms implemented by President Bola Tinubu. During the signing of the 2024 federal budget in Abuja on Friday, Akpabio highlighted the crucial steps taken by the administration to stabilize the country’s economy and diversify it away from dependence on oil revenues.
A key area of praise was Tinubu’s bold decision to remove the fuel subsidy, a policy that previous governments had struggled to address. Reflecting on this, Akpabio admitted that he had initially questioned the move, worried about its political consequences. However, he ultimately recognized the necessity of the reform. He noted that, despite the initial challenges, the decision had set Nigeria on a path towards economic independence from petroleum income.
“When you took the bold step of removing the fuel subsidy, something that had eluded past administrations for over 40 years, I came to you and jokingly asked if you were thinking about re-election in 2027,” Akpabio recalled, further describing his conversation with Tinubu on the matter. He emphasized the President’s resolve to move forward with the subsidy removal, even in the face of public skepticism.
Akpabio further commended the President for presenting what he described as Nigeria’s largest budget to date, highlighting the government’s vision for a sustainable economy. The N54.7 trillion 2025 budget, which saw significant revisions from the initial proposal of N49.7 trillion, underscores the administration’s ambitious plans for infrastructural development and social welfare.
“This budget represents the largest in the history of Nigeria, and it speaks to the forward-thinking policies that have been implemented under your leadership,” Akpabio remarked, celebrating the scale and vision behind the proposal. He noted that, despite its size, the budget underwent careful scrutiny in the National Assembly to ensure it addressed the needs of the nation.
The budget’s approval marked a pivotal moment for the country, with lawmakers affirming their support for Tinubu’s broader economic vision. Akpabio emphasized the National Assembly’s commitment to backing any policies that could alleviate the struggles of ordinary Nigerians, signaling strong bipartisan support for the administration’s reforms.
Moreover, Akpabio underscored the significance of diversifying Nigeria’s economy away from its reliance on petroleum revenues, commending the administration’s efforts to explore alternative sources of revenue. “We are uncovering new avenues for generating income that will reduce Nigeria’s vulnerability to global oil market fluctuations,” he said.
While challenges remain, including ongoing inflationary pressures and global economic uncertainty, the passage of Nigeria’s largest-ever budget symbolizes a major step toward economic resilience. Akpabio expressed confidence that the continued implementation of these reforms would strengthen the country’s economic foundations in the long term.
As Nigeria continues its journey through economic transformation, the real test will lie in the successful execution of these policies. However, with strong backing from the National Assembly and the leadership shown by President Tinubu, the outlook for Nigeria’s economy remains optimistic.
