President Bola Tinubu has claimed that the life Nigerians lived prior to the removal of the petrol subsidy in 2023 was deceptive and a mirage.
The president made this remark on Saturday while addressing the combined convocation ceremonies for the 34th and 35th sessions of the Federal University of Technology Akure (FUTA) in Ondo state.
He said removing the petrol subsidy and unifying exchange rates was essential to prevent Nigeria from collapsing.
Speaking through the Vice Chancellor of the University of Ilorin, Prof. Wahab Egbewole, Tinubu stressed that his administration took bold steps to evade economic catastrophe and ensure the future well-being of Nigerians.
“As you all know, we assumed responsibility during a time of severe economic decline due to substantial debts resulting from fuel and dollar subsidies.”
“The subsidies were intended to aid the impoverished and improve the lives of all Nigerians. However, the poor and average citizens were the ones who truly suffered from what was supposed to provide them relief and a better quality of life.
“Regrettably, the quality of life we believed we were enjoying was an illusion that could have led the nation towards total collapse unless swift actions were taken.”
The president highlighted the genuine reasons behind his administration’s urgent decision to eliminate the fuel subsidy.
“The imperative to secure our children’s future and rescue the nation from imminent collapse prompted the strategic choices to abolish the fuel subsidy and unify the exchange rates. I am fully aware of the implications these difficult decisions have on our people. I wish there could be gentler alternatives.”
He also expressed concern regarding the pervasive emigration of young people in pursuit of “better opportunities.”
“Many of our youths have opted for what seems the easy path of migrating to the so-called greener pastures, unlike those citizens who worked hard to lift their countries from crises during their challenging times.”
He pointed out that this has resulted in the brain drain phenomenon prevalent in various sectors nationwide.
Nevertheless, Tinubu said that his administration’s renewed hope agenda remains on course, promising Nigerians his determination to persist in striving for a better and more prosperous Nigeria.
