Eniola Yekini
Lagos State Governor, Babajide Sanwo-Olu, has defended the economic reforms of President Bola Ahmed Tinubu’s administration, saying the removal of fuel subsidy, though painful, is beginning to yield positive results for Nigeria.
Sanwo-Olu spoke at the 7th annual lecture of Freedom Online, held on the theme, “2027: Elections, Economy, Security and Nigeria’s Future.”
The governor said opposition politicians were already making the fuel subsidy a major campaign issue ahead of the 2027 general elections, but argued that Nigerians deserved a debate based on facts rather than political slogans.
According to him, the subsidy was removed because it had become a major drain on the nation’s resources, limiting government’s ability to fund critical infrastructure and social services.
He, however, acknowledged the hardship caused by the policy, particularly the impact on transportation and food prices.
“I won’t stand here and tell you that it has been painless. It has not. Lagosians have felt it at the pump, at the market, and in the price of a bag of rice,” Sanwo-Olu said.
“But the measure of a reform is not whether it hurts. It is whether it heals. And the evidence that this one is healing is now arriving, quarter by quarter.”
Sanwo-Olu cited recent economic indicators, including the 4.43 per cent growth recorded by the Nigerian economy in the second quarter of 2026, up from 3.89 per cent in the first quarter.
He also pointed to the country’s rising external reserves, trade surplus, improved credit outlook and decline in inflation, saying the indicators demonstrated that the economy was responding to the reforms.
The governor further noted that remittances from Nigerians abroad reached $947 million through formal channels in July, describing the figure as a historic monthly high.
“These are not my numbers. They belong to the National Bureau of Statistics and the Central Bank of Nigeria, and every journalist in this hall can check them,” he said.
He said the ruling All Progressives Congress (APC) would continue with the reforms while focusing on ensuring that their benefits became more visible to Nigerians.
On security, Sanwo-Olu said insecurity would be a major factor in the 2027 elections, particularly in determining whether candidates could campaign freely and whether voters and electoral officials could safely participate in the process.
He commended measures taken by the Tinubu administration, including the expansion of the Nigerian Army from eight to 12 divisions, increased personnel and the establishment of new divisional headquarters.
He also highlighted the Navy’s Special Operations Command, decentralisation of police training, and the deployment of Forest Guards and Mining Marshals.
On politics, Sanwo-Olu said a mandate is only as strong as the process that produced it. He noted that no office in this land is worth the life of a single Nigerian and no victory won by the wrong means is a victory at all.
Earlier, the publisher of Freedom Online, Gabriel Akinadewo, said Nigeria must move beyond its four-year electoral cycle and develop a governance system capable of delivering sustained national development.
Akinadewo said the country would mark 28 years of uninterrupted civilian rule in May 2027, describing it as a significant milestone.
He called for the modernisation of Nigeria’s laws to address the realities of the 21st century.
The chairman of the occasion, former Information Minister Lai Mohammed, said the 2027 election should be seen not merely as a contest for political power but as an opportunity to consolidate nation-building.
Mohammed stressed that politics must not override governance, arguing that security was essential to economic growth and investment.
Also speaking, former Ogun State Governor, Senator Gbenga Daniel, described security as an economic issue and a critical component of the country’s economic infrastructure.
Daniel said Nigeria must diversify beyond oil by strengthening agriculture, manufacturing, technology, construction, financial services, tourism, entertainment and the digital economy.
He said the ultimate objective should be to transform the country’s economic potential into productive jobs, higher incomes and improved living standards, particularly for young Nigerians who need skills, employment, access to capital and opportunities to build sustainable livelihoods.