Greater resources should now be directed towards healthcare, education, infrastructure and other areas capable of improving the quality of life of Nigerians
By Mmesoma Onwuka
Lagos State Governor, Babajide Sanwo-Olu, has warned that any attempt to reinstate the petrol subsidy could undermine the economic reforms being implemented in Nigeria.
The governor described the removal of the subsidy as a tough but necessary decision, insisting that returning to the old system would amount to taking the country several steps backward.
Sanwo-Olu spoke at the 7th Freedom Online Newspaper Lecture, where he examined Nigeria’s economic situation, security challenges and the outlook ahead of the 2027 general elections.
He argued that the subsidy regime had become too expensive for the government to sustain, as large portions of public funds were being used to keep petrol prices artificially low instead of investing in essential sectors.
According to him, greater resources should now be directed towards healthcare, education, infrastructure and other areas capable of improving the quality of life of Nigerians.
The governor also criticised political promises to restore the subsidy, describing such pledges as “bad politics.” He maintained that no responsible government could continue financing a policy that places a heavy burden on public finances.
While acknowledging the hardship caused by the reforms, Sanwo-Olu said there were indications that the measures were beginning to strengthen the economy.
He cited Nigeria’s reported 4.43 per cent economic growth, foreign reserves of $53 billion and higher monthly allocations to state governments as signs of improvement.
Beyond the economy, the governor pointed to developments in the security sector and government programmes aimed at empowering young Nigerians through student loans, technology training and employment opportunities.
Sanwo-Olu admitted that economic reforms would not produce immediate results, stressing that Nigerians needed to allow sufficient time for the measures to achieve their intended objectives.
He expressed confidence that the country was gradually moving towards a more sustainable economic path.
“Real progress takes time, but we are moving in the right direction to build a stronger Lagos and a better Nigeria for everyone,” the governor said.