President Bola Tinubu, has described the lifestyle enjoyed by Nigerians prior to the removal of the fuel subsidy as fake and misleading, warning that it posed a grave threat to the country’s economic stability.
He stated that the decision to remove the subsidy on May 29, 2023, coinciding with his inauguration, was a necessary step to prevent the nation from plunging into total economic collapse.
Addressing attendees at the 34th and 35th combined convocation ceremonies of the Federal University of Technology Akure (FUTA) in Ondo State, Tinubu, represented by Professor Wahab Egbewole, Vice Chancellor of the University of Ilorin, explained that his administration understood the difficult implications of the policy.
However, he emphasized that these measures, including the unification of exchange rates, were critical to addressing the country’s financial challenges and ensuring a sustainable future.
Tinubu acknowledged that subsidies were initially introduced to support the poor and enhance the standard of living but argued that they had failed in their purpose.
Instead, they burdened average Nigerians and created a false sense of well-being while driving the economy toward disaster.
He reiterated that urgent action was required to reverse this trajectory and safeguard the future for upcoming generations.
In his speech, the President urged the graduating students to support the administration’s efforts to rebuild the nation and restore its values.
He also expressed concern about the increasing trend of Nigerian youths emigrating in search of better opportunities abroad, describing it as detrimental to the country’s growth.
Tinubu highlighted the adverse effects of this mass exodus, particularly the brain drain it has caused across various sectors, and called for collective action to address these challenges and rebuild the nation’s capacity for development.
