Nasarawa State Governor, Abdullahi Sule, has credited President Bola Ahmed Tinubu with steering many Nigerian states away from financial collapse through bold economic reforms that boosted revenue allocations.
Speaking at the Government House in Lafia while receiving the management team of the Federal Radio Corporation of Nigeria (FRCN), North Central Zone, Sule said the President’s early decisions to remove the fuel subsidy and unify the foreign exchange rates strengthened the Federation Account and improved allocations to federal, state, and local governments.
According to the governor, the reforms though painful in the short term have begun yielding tangible results, particularly for states grappling with foreign exchange-linked debts.
“Every time I speak about how Nasarawa State is able to breathe, I must show great appreciation to the man who took the bullet on our behalf, and that is President Bola Ahmed Tinubu,” Sule said.
He described the removal of fuel subsidy and the unification of exchange rate windows as politically risky moves that many global leaders would hesitate to implement, especially at the start of a first term.
“These are decisions very few leaders in the world would agree to take,” he added, noting that such reforms are often postponed until a second term due to their potential political cost.
Sule argued that the policies “burst the bubble” of what he termed an unsustainable economic model, returning the country to fiscal reality.
He maintained that enhanced non-oil revenue generation and the plugging of financial leakages have strengthened federal revenue agencies under the Tinubu administration.
The governor also pointed to a decline in inflation, saying the rate, which stood above 30 per cent slightly over a year ago, has dropped to below 15 per cent—an outcome he attributed to deliberate economic management rather than chance.
Highlighting the risks of excessive borrowing, Sule revealed that he avoided taking bank loans during his first tenure, wary of foreign exchange volatility. He noted that some states that borrowed when the naira exchanged at about N350 to the dollar are now struggling with repayments at rates exceeding N1,000 to the dollar.
“Coming from the private sector, you have to be very careful about borrowings,” he said. “Luckily for us, Nasarawa State did not borrow anything then. That is why we can breathe properly today.”
He added that improved revenue inflows from the Federation Account have helped many states that might otherwise have faced bankruptcy.
The FRCN delegation, led by Zonal Director Babayo Askira, said their visit was to strengthen ties with the state government and commend the administration’s support for public broadcasting.
Askira praised the level of infrastructural transformation across Nasarawa, saying he could barely recognise some areas due to extensive development spanning Karu, Keffi, and Akwanga. He also lauded the governor for maintaining peace and security, describing him as a leader committed to progress and stability.