Tinubu defends subsidy removal, says decision was taken to prevent economic collapse

President Bola Tinubu has justified the removal of the fuel subsidy and the unification of the exchange rate, describing them as necessary steps to avert an economic disaster in Nigeria.

Speaking during the 34th and 35th combined convocation ceremony at the Federal University of Technology, Akure (FUTA), Tinubu who was represented by Professor Wahab Egbewole, Vice-Chancellor of the University of Ilorin, expressed optimism about the economy.

He acknowledged the immediate hardships caused by these reforms but emphasized their long-term benefits.

Tinubu described the previous economic state as a “fake good life” that was unsustainable and posed risks of a total collapse.

“The strategic decision to remove fuel subsidies and unify the exchange rate was taken to salvage the country’s future and pull it back from the brink,” he said.

He noted that the measures have already started yielding results, citing improvements in Nigeria’s macroeconomic environment and progress toward stabilizing the microeconomic framework.

The President called on researchers and academics to develop innovative, homegrown solutions to address the country’s challenges.

He said: “Our tertiary and research institutions are much more relevant at this time… I call on the organized private sector to collaborate with our research institutions to develop and replicate our research outputs for the benefit of our citizens and the economy.”

He also urged the private sector to work closely with educational institutions to bridge the gap between research and practical application.

Tinubu expressed concern over the emigration of skilled Nigerian professionals, describing it as detrimental to the country’s development.

“Our intellectuals and experts, on whom the nation has massively invested, are migrating overseas at a time when their services are most required at home. It is heart-rending,” he stated.