Akure, Dec. 2, 2024 – President Bola Tinubu says Nigerians lived fake good life before the removal of the petrol subsidy.
He said this in Akure at the 34th and 35th combined convocation ceremonies of the Federal University of Technology Akure (FUTA) in Ondo State.
The president, who was represented by Prof. Wahab Egbewole, the Vice Chancellor of the University of Ilorin, said the removal of petrol subsidy was a good decision so as not to plunge the country into economic crisis.
He said the decision on petrol subsidy removal and the exchange rate unification was driven by the urgent need to salvage the country’s future.
“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,” he said.
“The subsidies were meant to support the poor and make life better for all Nigerians.
“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.
“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,” he said.
The president said the policies were already yielding good results with signs of economic recovery as the country’s macroeconomic indicators were improving.
“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,” he said.
Tinubu urged the graduands to contribute to rebuilding Nigeria’s economy.
He 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.
“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.
“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.” (GBN)