Hope Uzodimma, Governor of Imo State and Chairman of the Progressive Governors’ Forum (PGF), on Monday, defended the removal of fuel subsidy and the floating of the naira, describing both policies as the foundation of Nigeria’s ongoing economic recovery.
Uzodimma, who is also Director-General of the Renewed Hope Ambassadors, spoke during an interactive session with members of the diplomatic community in Abuja.
He said President Bola Tinubu’s Administration dismantled what he described as a decades-long “subsidy scam” that drained public resources through inflated fuel import claims, smuggling and corruption.
According to him, the subsidy regime was “the single largest organised corruption pipeline” in Nigeria’s public finance system, adding that its removal freed trillions of naira for development projects and improved allocations to states.
He said allocations from the Federation Account Allocation Committee (FAAC) had risen sharply since the reforms, with monthly disbursements now ranging between N1.8 trillion and N2.6 trillion.
“State Governments now receive net allocations in the order of N700 billion to N800 billion monthly,” he said.
The Imo State governor noted that the development had ended the era of governors seeking federal bailouts to pay salaries.
On the naira float, Uzodimma said the policy eliminated multiple exchange rates and restored transparency in the foreign exchange market.
He noted that Nigeria’s foreign reserves had climbed to $49.4 billion, while the gap between official and parallel market exchange rates had narrowed significantly.
He added that ongoing infrastructure projects, increased investor confidence and rising foreign direct investments were evidence that the reforms were producing positive results.
Uzodinma said new reforms often come with criticisms from the opposition, but assured that the end would be good.
Similarly, Atiku Bagudu, Minister of Budget and Economic Planning, said the engagement with the diplomatic community aligns with the ministry’s mandate and supports President Bola Tinubu’s Renewed Hope agenda focused on economic recovery, inclusive growth, security, governance and rule of law.
He appreciated development partners for their support in key sectors and highlighted opportunities for collaboration with states in infrastructure, agriculture, renewable energy and investment promotion.
Bagudu also defended the Administration’s democratic credentials, stressing Tinubu’s commitment to constitutional governance, judicial independence and credible elections.
Gautier Mignot, European Union Ambassador to Nigeria, said the EU aligns its interventions with the Federal Government’s Renewed Hope Agenda while maintaining close collaboration with state governments regardless of political affiliation.
He described governors as key actors closer to the people and better positioned to tackle insecurity, poverty, humanitarian challenges and economic development.
The envoy commended the Tinubu-led Administration’s reforms, reaffirmed the EU’s interest in trade and investment opportunities in Nigeria, and pledged continued partnership in promoting progress, democracy, rule of law and sustainable development.
The Liberian and Philippines Ambassadors to Nigeria, equally stressed the need for continued partnership with Nigeria, saying collaborations would bring about development.
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