President Bola Tinubu has reiterated that the removal of the fuel subsidy under his administration was a strategic move to prevent the nation from economic collapse, emphasizing that the policy is beginning to yield positive outcomes.
The president, who made the announcement of subsidy removal on his inauguration day, May 29, 2023, addressed the subject during the combined 34th and 35th convocation ceremonies at the Federal University of Technology, Akure, Ondo State, on Saturday.
In a speech delivered on his behalf by the Vice Chancellor of the University of Ilorin, Prof. Wahab Egbewole, Tinubu acknowledged the hardships faced by Nigerians but assured them that relief and progress were on the horizon.
“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,” he said.
Tinubu noted that the subsidies, initially intended to provide relief, ended up benefiting a few, leaving the majority of citizens to bear the brunt. “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,” he explained.
He emphasized the necessity of tough economic measures, including subsidy removal and exchange rate unification, to stabilize the country. “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,” Tinubu added.
The president highlighted encouraging signs of economic recovery, stating, “The macro-economy of our dear country is improving by the day and beyond expectations. The micro-economy, which directly affects our citizens, is also taking shape gradually with positive results. By the grace of the Almighty God, every household will experience a better life and have brighter hope for the future.”
Tinubu also urged Nigerians to demonstrate patriotism, assuring them that better days lie ahead. “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.”
Addressing the graduating students, Tinubu encouraged them to contribute to national development and avoid seeking greener pastures abroad, which he described as a temporary solution to Nigeria’s challenges.
“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. Such inclination has led to the brain drain syndrome that we now experience in all areas of our endeavours as a nation,” he lamented.
Tinubu concluded by calling for collective efforts to rebuild the nation, expressing confidence in Nigerians’ ability to overcome challenges and achieve progress.
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