President Bola Tinubu has said that Nigerians were living a “fake good life” prior to the removal of the fuel subsidy.
Speaking at the 34th and 35th combined convocation ceremonies of the Federal University of Technology Akure (FUTA) in Ondo State, Tinubu, who was represented by the Vice Chancellor of the University of Ilorin, Prof. Wahab Egbewole, explained that his administration’s decision to remove the petrol subsidy and unify exchange rates was necessary to prevent the country from falling into an economic crisis.
Tinubu noted that although the subsidies were intended to support the poor, they ultimately benefitted the wealthy, leaving average Nigerians to bear the brunt of an unstable economy.
“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.
He continued: “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.”
Tinubu assured Nigerians that the policies implemented by his administration were already yielding results, with 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,” Tinubu said.