President Bola Tinubu has described the era before the removal of the fuel subsidy as a period when Nigerians were living a “fake good life” that almost crashed the nation’s economy.
Tinubu, represented by the Vice Chancellor of the University of Ilorin, Prof. Wahab Egbewole, while speaking at the 34th and 35th combined convocation ceremonies of the Federal University of Technology, Akure (FUTA), in Ondo State, stated that the removal of the petrol subsidy and the unification of exchange rates were essential steps to save the economy.
According to Tinubu, while subsidies were originally designed to support the poor, they disproportionately benefited the wealthy, leaving the average Nigerian to suffer the consequences of a fragile economy.
He explained, “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 continued, “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 succor and 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 emphasized that the decision to remove the subsidy and unify exchange rates was motivated by the need to secure the nation’s future and prevent economic disaster.
“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 assured Nigerians that his administration’s policies are beginning to show results, highlighting signs of economic recovery.
“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.
“The Renewed Hope Agenda is on track and we shall not deviate on the path of better and greater Nigeria,” Tinubu concluded.
