President Bola Tinubu has justified the removal of the fuel subsidy, describing the “good life” Nigerians experienced before the policy change as “fake.” This statement, made during the 34th and 35th combined convocation ceremonies of the Federal University of Technology Akure (FUTA) in Ondo State, reflects his administration’s stance that the fuel subsidy was unsustainable and ultimately harmful to the nation’s long-term economic health.
Since his inauguration on May 29, 2023, President Tinubu has placed emphasis on making difficult economic decisions, including the removal of the fuel subsidy and the unification of exchange rates. According to the president, these actions were necessary to address Nigeria’s pressing economic issues, which had been exacerbated by substantial subsidies on fuel and the dollar.
Represented by the Vice Chancellor of the University of Ilorin, Professor Wahab Egbewole, President Tinubu acknowledged the hardships these measures caused but maintained they were essential for the nation’s survival. “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,” he stated, referring to the dire economic situation his administration inherited.
He continued by addressing the perceived intent behind the fuel subsidy, which was originally meant to support the poor and improve living standards for all Nigerians. “The subsidies were meant to support the poor and make life better for all Nigerians,” Tinubu said. “We are all aware of the fact that the poor and average Nigerians were the sufferers of what was supposed to give them succor and improved standard of living.”
However, the president did not shy away from pointing out the detrimental impact the subsidies had on the country’s future. “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,” he explained. His comments underline his view that the fuel subsidy was a temporary fix that masked deeper, structural economic problems.
In light of this, Tinubu emphasized the importance of his administration’s bold decisions, including the removal of the fuel subsidy and the unification of exchange rates, which he believes were necessary to “salvage the future of our children” and prevent Nigeria from heading towards a collapse. He underscored that these tough choices, though unpopular, were aimed at securing the long-term health of the country.
President Tinubu also urged the graduands at the convocation to support his administration in its efforts to rebuild Nigeria. “I call on you to join hands together with my administration to recover our lost glory and virtues,” he stated, highlighting the role of the nation’s youth in shaping a brighter future.
In addition to discussing the economic reforms, the president touched upon the growing issue of youth emigration, which has contributed to a significant brain drain across all sectors of Nigeria’s economy. He expressed concern over the large numbers of young Nigerians leaving the country in search of better opportunities abroad.
“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,” Tinubu observed. He lamented the impact this mass exodus has had on Nigeria’s human capital, especially at a time when the country desperately needs its trained intellectuals and experts to address its current challenges.
“The intellectuals and experts on whom the nation has massively invested huge resources to train in the interest of our country are migrating overseas in large numbers at a time their services are most required at home,” he said, calling the situation “heart-rending.”
While acknowledging the difficulties faced by Nigerians, particularly the youth, Tinubu urged them to remain committed to the nation’s progress. “It is heart-rending and the syndrome is not the solution to our problems,” he asserted. “We are not Nigerians by accident, and I believe that the Almighty God who made us Nigerians has given us the required wisdom to turn things around for our betterment.”
Concluding his remarks with an optimistic tone, the president reassured the audience that despite the current challenges, “there is light at the end of the tunnel.” He expressed his belief that Nigeria’s brighter days are ahead, stating, “After rain comes sunshine. The brighter days are almost here. The Renewed Hope Agenda is on track and we shall not deviate on the path of better and greater Nigeria.”
