President Bola Tinubu has stated that Nigerians were living a “fake good life” before his administration took the bold step of removing the fuel subsidy, a decision he says was necessary to prevent the country from sliding into total economic collapse.
Tinubu made these remarks during the combined 34th and 35th convocation ceremonies at the Federal University of Technology Akure (FUTA) in Ondo State.
Represented by Professor Wahab Egbewole, Vice Chancellor of the University of Ilorin, the President reflected on the state of the nation’s economy before his government took office.
On May 29, 2023, upon his inauguration, President Tinubu announced the removal of the fuel subsidy, a move that he explained was vital for the country’s long-term survival.
He emphasized that the nation’s economic situation had become unsustainable due to heavy debts accumulated from fuel and dollar subsidies.
While these subsidies were initially intended to support the poor, Tinubu said that they were ultimately harming the very people they were meant to assist.
“The subsidies were meant to support the poor and improve their standard of living. However, the reality was that the poor and middle-class Nigerians were the ones suffering from what was supposed to be their relief. The good life we thought we were enjoying was, in fact, a deceptive one that would have led to national collapse without immediate intervention,” he said.
Tinubu acknowledged the hardships caused by the subsidy removal but expressed confidence that the policy was already yielding positive results, with the country’s economy showing signs of improvement.
He highlighted that while Nigeria’s macroeconomy was surpassing expectations, the country’s microeconomic framework was stabilizing as it shifted from a consumption-driven to a production-focused economy.
The President also addressed the issue of youth emigration, lamenting the mass exodus of young Nigerians seeking better opportunities abroad, a trend he said was contributing to the ongoing brain drain.
He urged the youth to stay and contribute to the nation’s recovery, stressing that the solutions to Nigeria’s problems lay within the country and that it was up to Nigerians to use their collective wisdom to bring about change.
“I understand the temptation to seek greener pastures abroad, but our intellectuals and skilled professionals are urgently needed here at home, especially now. The exodus of our best minds is a crisis that we must confront together,” he said.
Tinubu concluded his speech with a message of hope, assuring Nigerians that brighter days were ahead and reaffirming his commitment to the Renewed Hope Agenda.
“After the storm, comes the sunshine. The path to a greater Nigeria is clear, and we will not deviate from it,” he stated.
During the convocation, Vice Chancellor of FUTA, Professor Adenike Oladiji, announced that a total of 6,405 students graduated across nine faculties, with 519 earning First Class honors.
She praised the university for its commitment to high-quality education and its role in societal development, noting the institution’s continued success in various fields.
