President Bola Tinubu has asserted that Nigerians were living fake lives prior to the removal of the petrol subsidy in 2023.
He made this statement during his address at the 34th and 35th combined convocation ceremonies of the Federal University of Technology Akure (FUTA) in Ondo State on Saturday.
Tinubu explained that the removal of the petrol subsidy and the unification of exchange rates were vital steps to prevent Nigeria from collapsing.
Represented by the Vice Chancellor of the University of Ilorin, Prof. Wahab Egbewole, the president emphasized that his administration had taken bold actions to avert an economic disaster and secure a stable future for Nigerians.
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He said: “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.”
“The subsidies were meant to support the poor and make life better for all Nigerians. We are all aware of the fact that the poor and average Nigerians were the sufferers of what was supposed to give them succour and an improved standard of living.
“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 president highlighted the actual reasons why his administration must swiftly eliminate the fuel subsidy.
“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. I am not unaware of the consequences of the tough decisions on our people. I sincerely wish there could be softer options.”
The president also expressed dismay over the widespread migration of youths in search of “greener pastures.
“Many of our youths have chosen the supposed easy option of emigrating to the proverbial greener pastures where their citizens had rolled up their sleeves to bring their nations back from the brinks in their times of trouble. ”
He pointed out that this has contributed to the widespread brain drain currently affecting all sectors of the nation.
However, Tinubu emphasized that the “Renewed Hope” agenda of his administration is progressing well, assuring Nigerians of his commitment to remaining focused on creating a better and more prosperous Nigeria.
Earlier, the Vice Chancellor of the University, Prof. Adenike Oladiji, proudly highlighted the institution’s high standards of education and research. She also emphasized the University’s dedication to fostering Nigeria’s technological development.
Prof. Oladiji encouraged the graduates to apply their knowledge not only to advance their own careers but also to contribute to the progress of society.
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