President Bola Tinubu has stated that the lifestyle Nigerians enjoyed before the removal of the fuel subsidy was “fake” and could have led the country to total economic collapse.
On May 29, 2023, during his inauguration, Tinubu announced the removal of the fuel subsidy. He explained that the decision was crucial to saving the country’s future and preventing an economic disaster, alongside the unification of exchange rates.
Tinubu made the comments over the weekend during the 34th and 35th combined convocation ceremonies of the Federal University of Technology Akure (FUTA) in Ondo State, where he was represented by Professor Wahab Egbewole, Vice Chancellor of the University of Ilorin.
He emphasized that his administration understood the challenges posed by the tough decision to remove the subsidy. “As you know, we assumed office at a time when the economy was in freefall due to crippling debts from fuel and dollar subsidies,” Tinubu said.
He added that while the subsidies were designed to help the poor and improve living standards, they instead caused more harm than good. “The good life we believed we were living was a mirage, one that threatened to push the country into a complete collapse unless immediate action was taken.”
To secure a better future for the country, Tinubu argued that removing the fuel subsidy and unifying exchange rates were necessary steps.
The President also called on the graduates to support his administration in restoring the nation’s lost glory. He condemned the ongoing exodus of young Nigerians seeking “greener pastures,” warning that this trend was contributing to the brain drain across various sectors of the economy.
“Many of our youths are leaving for supposed easier opportunities, where their home countries faced similar challenges and emerged stronger. Our educated youth, whom we’ve invested heavily in, are emigrating at a time their expertise is needed most at home.”
Tinubu expressed disappointment at this trend, stressing that such an approach would not solve the nation’s problems. He affirmed that Nigerians are not by accident citizens, and that the wisdom needed to turn things around lies within the country itself.
“The challenges we face require patriotism,” Tinubu concluded. “I assure all Nigerians that brighter days are ahead. The Renewed Hope Agenda is on course, and we remain committed to building a better, stronger Nigeria.”
