President Bola Tinubu has stated that Nigerians were living fake lives before the removal of the petrol subsidy in 2023.
He made this remark during the 34th and 35th combined convocation ceremonies at the Federal University of Technology Akure (FUTA) in Ondo State on Saturday.
Tinubu, who was represented by the Vice Chancellor of the University of Ilorin, Wahab Egbewole, explained that the removal of the petrol subsidy and the unification of exchange rates were necessary steps to prevent Nigeria from collapsing economically. He emphasized that his administration took decisive action to safeguard the country’s future.
He said, “As you are all aware, we took over leadership at a time when our economy was in serious decline due to burdensome debts from fuel and dollar subsidies.”
While the subsidies were intended to support the poor and improve living standards, Tinubu pointed out that they ultimately had the opposite effect. “The poor and average Nigerians were the ones who suffered, even from what was meant to help them,” he said. “The so-called good life we thought we were living was, in reality, a fake one, and without immediate and drastic action, it would have led to the collapse of the country.”
The president explained that his government’s difficult decisions were made with the future of the nation in mind. “The need to secure the future of our children and pull the country back from the brink of collapse led to the removal of the fuel subsidy and the unification of the exchange rates. I am aware of the hardships these decisions have caused, and I wish there were easier alternatives,” he added.
Tinubu also expressed concern over the mass migration of young people seeking better opportunities abroad, which has contributed to the brain drain affecting various sectors in Nigeria.
Despite the challenges, the president reassured Nigerians that his administration’s “Renewed Hope” agenda is on course and that he remains committed to building a better and stronger Nigeria.
