President Bola Tinubu has stated that Nigerians were living a “fake good life” before the removal of the fuel subsidy, a decision he said was necessary to prevent the country from plunging into economic crisis.
Speaking during the 34th and 35th combined convocation ceremonies of the Federal University of Technology Akure (FUTA) in Ondo State, the President explained that his administration’s decision to remove the petrol subsidy and unify exchange rates was driven by the urgent need to salvage Nigeria’s future.
Represented by the Vice Chancellor of the University of Ilorin, Professor Wahab Egbewole, SAN, Tinubu noted that the subsidies, though intended to support the poor, ended up disproportionately benefiting the wealthy, leaving average Nigerians to bear the brunt of an unstable economy.
He said: “As you are all aware, we took the baton of authority at a time when our economy was nose-diving as a result of heavy debts from fuel and dollar subsidies.”
“The subsidies were meant to support the poor and make life better for all Nigerians. We are all aware of the fact that the poor and average Nigerians were the sufferers of what was supposed to give them succour and an improved standard of living.
“Unfortunately, the good life we thought we were living was a fake one that was capable of leading the country to a total collapse unless drastic efforts were urgently taken.”
Tinubu assured Nigerians that the policies implemented by his administration were already yielding results, with signs of economic recovery. He stated that the country’s macroeconomic indicators were improving, while the microeconomic framework was shifting from consumption-driven to a production-based economy.
“The present challenges call for a high degree of patriotism, and I can assure all Nigerians that there is light at the end of the tunnel. After rain comes sunshine. The brighter days are almost here,” Tinubu said.
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The president emphasised the real reasons his administration has to quickly remove the fuel subsidy.
He also said “The need to salvage the future of our children, and bring the country back from the brink of collapse necessitated the strategic decisions to remove the fuel subsidy and also unify the exchange rates. I am not unaware of the consequences of the tough decisions on our people. I sincerely wish there could be softer options.”
The President expressed concern over the increasing emigration of Nigerian youths in search of greener pastures, a trend he said has led to brain drain across critical sectors of the economy.
“Many of our youths have chosen the supposed easy option of emigrating to the proverbial greener pastures where their citizens had rolled up their sleeves to bring their nations back from the brinks in their times of trouble. ”
“Our intellectuals and experts, on whom the nation has massively invested huge resources to train, are migrating overseas in large numbers at a time their services are most required at home,” he lamented.
“It is heart-rending, and the syndrome is not the solution to our problems. We are not Nigerians by accident, and I believe that the Almighty God who made us Nigerians has given us the required wisdom to turn things around for our betterment.”
He noted that this led to the brain drain syndrome that we now experience in all areas of our endeavours as a nation.
Tinubu however said the renewed hope agenda of his administration is on track, assuring Nigerians of his resolve to remain steadfast in its pursuit of a better and greater Nigeria.
He called on the graduands to contribute to rebuilding Nigeria’s economy, emphasising the importance of collective effort in restoring the country’s glory.
In her remarks, the Vice Chancellor of FUTA, Professor Adenike Oladiji, announced that 6,405 students graduated across nine schools of study in the combined 2022/2023 and 2023/2024 academic sessions.
She disclosed that 519 students earned First Class honours, while 3,408 graduated with Second Class Upper degrees. Additionally, 2,139 earned Second Class Lower degrees, and 339 were in the Third Class category.
“Our mandate is to provide adequate learning, teaching, and impactful research for societal development,” Oladiji said.
“The institution has recorded landmark achievements across various fields, contributing to the advancement of human endeavors,” she concluded.
