Lagos Governor Babajide Sanwo-Olu has stated that calls to reinstate the oil subsidy are merely an example of populist politics that are unlikely to succeed.
He criticized politicians pledging to bring back the discontinued subsidy, asserting that such promises are insincere and will mislead voters. Sanwo-Olu made these remarks during the 7th Freedom Online Newspaper Lecture, which he delivered on Thursday.
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The event, chaired by former Minister of Information and Culture, Alhaji Lai Mohammed, took place at Sheraton Lagos Hotels in Ikeja and featured former Ogun State Governor Sen. Gbenga Daniel as a special guest.
In his address, Sanwo-Olu discussed ongoing economic reforms, security issues, and electoral changes initiated by the Federal Government, emphasizing the benefits and future opportunities these changes present.
He noted that the oil subsidy policy was implemented to address inefficiencies in local oil supply but was not designed to be a long-term solution. According to him, the subsidy has become a financial drain on the country, diverting funds that could be better utilized for infrastructure development, such as roads, schools, and hospitals.
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Sanwo-Olu acknowledged the challenges that come with removing the subsidy but praised President Bola Ahmed Tinubu for courageously ending the corrupt system, despite potential political repercussions. He explained that the subsidy removal has had painful consequences, particularly for Lagos residents, but argued that the value of a reform is measured by its ability to foster recovery rather than its immediate impact.
He mentioned that under President Tinubu, states have seen increased financial allocations since the subsidy was lifted. As political campaigns for the 2023 elections rise, he noted that opposition politicians are likely to use the fuel subsidy as a campaign tool, promising more than what any budget could realistically support.
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The Governor expressed confidence in the President’s reforms aimed at revitalizing the economy and socio-political landscape, highlighting that the early signs of growth are becoming visible. He reported that Nigeria’s economy grew by 4.43% in 2026 and that various sectors, including agriculture and services, are also experiencing growth.
Sanwo-Olu gave an optimistic update on Nigeria’s democratic progress, suggesting that the political and electoral systems have advanced since 1999, particularly in light of regional instability in Africa. He acknowledged improvements in electoral processes, attributing much of this progress to the initiatives of the All Progressives Congress (APC) in enhancing voting technology and legislative frameworks.
He also addressed concerns about national security, stating that improving safety is a priority for the government and that poverty is a root cause of insecurity. He detailed recent military expansions and reforms in the security forces under President Tinubu, asserting that job creation is a crucial component of effective security policy.
Sanwo-Olu described various programs aimed at empowering youth and addressing educational and economic challenges, stating that no previous administration has invested in Nigeria’s youth to this extent.
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Former Minister Lai Mohammed characterized the lecture as a platform for national contemplation, sharing insights on the importance of political stability and economic inclusiveness. He argued that effective governance should always take precedence over political maneuvering, with the ultimate goal being the enhancement of democratic institutions and public trust.
Gabriel Akinadewo, the convener and editor of Freedom Online, noted the significance of the lecture in informing political discourse amidst renewed campaigning, advocating for the modernization of the country’s laws to resonate with contemporary needs and aspirations for citizen freedom.
