Governor Babajide Sanwo-Olu of Lagos State says those campaigning for the return of oil subsidy are only resorting to populist politics that will ultimately fail.

The governor criticised politicians promising to restore the rescinded subsidy regime, arguing that any candidate assuring Nigerians of oil subsidy’s return was simply building their campaign on empty promises that would end up deceiving voters.

Sanwo-Olu’s spoke when he delivered the 7th Freedom Online Newspaper Lecture with the theme, ‘2027 Elections, Economy, Security and Nigeria’s Future’.

The lecture, chaired by former Minister for Information and Culture, Lai Mohammed, was held at Sheraton Lagos Hotels, in Ikeja.

Former Ogun State Governor and Senator representing Ogun East, Senator Gbenga Daniel, was the Special Guest of Honour.

In his speech, Sanwo-Olu delved into the ongoing economic reforms, security matters and electoral reconfiguration being undertaken by the Federal Government, highlighting the gains and the prospects for future growth.

The Lagos helmsman observed that the oil subsidy policy, which was introduced to tackle the shortcomings of local oil supplies stemming from inefficiencies at state-owned refineries, was not intended as a permanent intervention.

Sanwo-Olu noted the subsidy policy had become a burden on the nation’s finances, draining the nation’s treasury and squandering funds that could have been invested in building roads, schools, hospitals and other infrastructure relevant for the wellbeing of the nation.

By taking the courage to end the corruption-ridden subsidy programme, the governor said President Bola Tinubu made the sacrifice that previous leaders had avoided, damning the impact the action could have on his electoral fortunes.

Sanwo-Olu said, “The oil subsidy was not removed because anybody enjoyed removing it. It was removed because it had become a hole in the national purse through which the money for roads, schools and hospitals was draining away. The intervention was never reaching the ordinary motorist it was supposed to help.

In the build up to the 2023 elections, every major candidate promised to remove it. Only one of them was in a position to do it, and he did it on his first day in office.

“I will not stand here and tell you that oil subsidy removal has been painless. It has not. Lagosians particularly have felt it at the pump, at the market, and in the price of a bag of rice. Any governor who tells you otherwise has not been listening to his own people. 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.

“Under President Tinubu, the states have had it very good. Since the subsidy was removed, the monthly allocations to states and local governments have more than doubled in naira terms.

The President has done his part; the money is arriving. Barely two weeks into the season of presidential election campaign, opposition politicians reached for the fuel subsidy as their instrument of choice. We will see more of this. We will see promises that no treasury on earth could honour.”

Sanwo-Olu said he strongly believed in the direction of the reforms initiated by the President to reset the economy and the socio-political system, pointing out that the reforms were already yielding positive outcomes across the areas where they were being implemented.

The Governor said in 2026 alone, the nation’s economy grew by 4.43 per cent from 3.89 per cent in the first quarter, against the 4.23 per cent recorded in first quarter of 2025.

Agriculture sector, Sanwo-Olu said, grew by 4.39 per cent, up from 2.82 per cent a year earlier, adding that the growth in the service sector was up 4.6 per cent in the current year.

The governor said, “In nominal terms, the national economy is more than 18 per cent larger than it was 12 months ago. Our external reserves stood at $53 billion last week, the highest they have been since January 2009. We are running a trade surplus. Both Fitch and Moody upgraded Nigeria’s credit rating last year. Inflation, which peaked at almost 35 per cent at the end of 2024, was 15.9 per cent last June. The naira has held its ground against the dollar for the better part of a year.

“This week, too, the Central Bank reported that Nigerians abroad sent home $947 million through formal channels in the month of July. That is the largest monthly figure in our history, and it is within touching distance of the $1 billion-a-month target that many people laughed at when it was set two years ago. These statistics are not my numbers; they belong to the National Bureau of Statistics and the Central Bank of Nigeria, and every journalist seeking facts can check them.”

Sanwo-Olu gave a positive verdict on the nation’s democracy, noting that Nigeria’s political and electoral systems had continued to evolve in a sub-continent where democracy had been under siege, alluding to the seizure of power by soldiers in Mali, Guinea, Burkina Faso, Niger and Guinea-Bissau.

Evidence of democratic stability, he said, could be seen in the reforms introduced in the electoral process, which had been correcting past mistakes that led to the collapse of previous republics.

Each of us has a duty to help the electoral umpire be ready,” Sanwo-Olu said.

Is the nation safe under the current government? Sanwo-Olu considered the question a matter of individual perception but emphasised that Tinubu had given the nation’s security architecture the priority it deserves like any Commander-in-Chief since 1999.

The governor said poverty remained the primary cause of insecurity, reason President Tinubu’s interventions directly addressed the most pressing needs of the youth — the vulnerable demographic — in addition to strengthening the capacity of the security forces.

In his speech, Daniel, said Nigeria could not build a strong economy without security, just as lasting security cannot be achieved without a strong economy.

Speaking on the theme, ‘Economy and Security: The Future of Nigeria,’ Daniel said the two issues were inseparable and must be addressed together if the country was to achieve sustainable development.

He noted that Nigeria’s economy had recorded encouraging signs, including a reported 4.43 per cent growth in the second quarter of 2026, with improvements in the agriculture and services sectors.

However, he said the real measure of economic progress should be how Nigerians experienced the economy in their daily lives.

In his comment, Mohammed described the media lecture as an “intellectual platform” and “a staple for national reflection”, noting that the choice of Sanwo-Olu as the lecturer was fitting, given the governor’s understanding of complex demands of governance, security, infrastructure development and economic innovation.

The former minister said political stability depended on economic inclusion. He noted that security was a precondition for economic growth, stressing that no business would thrive in an atmosphere of uncertainty.Africans & Diaspora

He said, “When young people are gainfully employed and see a clear path to self-actualisation, the political space becomes far less susceptible to manipulation and electoral violence. The 2027 election must be viewed not merely as a contest for power, but as a commitment to continuity and nation-building.

“Politics must never be allowed to override governance. The real measure of our democratic progress is whether our electoral outcomes strengthen institutions, bolster investor confidence and guarantee peace across our communities.”

While acknowledging the Federal Government’s effort is confronting “difficult challenges” in the areas of security and economic reform, Mohammed said the challenges would not be solved overnight.

Convener and Freedom Online Editor-in-Chief, Gabriel Akinadewo, said the lecture came against the backdrop of renewed political activities and the need for politicians to place the nation’s development above the game of politics.