Nigerians were living ‘fake good life’ with fuel subsidy

He made these remarks on Saturday during the 34th and 35th combined convocation ceremonies at the Federal University of Technology Akure (FUTA) in Ondo State.

Tinubu explained that eliminating the petrol subsidy and unifying exchange rates was crucial to prevent Nigeria from collapsing.

Speaking through the Vice Chancellor of the University of Ilorin, Prof. Wahab Egbewole, he highlighted that his administration took decisive steps to avert economic disaster and safeguard the future of Nigerians.

He said, “As you all know, we assumed leadership at a time when our economy was plummeting due to significant debts from fuel and dollar subsidies.”

“The subsidies were intended to assist the poor and improve life for all Nigerians. However, it is clear that the poor and average citizens were the ones truly suffering from what was meant to provide them relief and enhance their living standards.”

“Regrettably, the good life we believed we were enjoying was an illusion that could have led the country to total collapse without urgent and drastic measures.”

The president underscored the necessity of swiftly removing the fuel subsidy, saying, “The need to secure our children’s future and pull the country back from the edge of collapse drove the strategic decisions to eliminate the fuel subsidy and unify exchange rates. I am aware of the impact of these tough decisions on our people, and I genuinely wish there were softer alternatives.”

He also expressed concern about the mass migration of youths seeking “greener pastures.”

“Many of our youths have opted for the seemingly easier path of emigrating to those proverbial greener pastures, where citizens have worked hard to restore their nations during difficult times.”

He noted that this trend has contributed to the brain drain affecting various sectors in Nigeria.

Nevertheless, Tinubu affirmed that his administration’s renewed hope agenda is progressing, assuring Nigerians of his commitment to creating a better and greater Nigeria.

Earlier, the Vice Chancellor of the University, Prof. Adenike Oladiji, lauded the quality of education and research at the institution.

She emphasized the university’s dedication to advancing Nigeria’s technological development and encouraged graduates to apply their knowledge for personal and societal advancement.