According to Nigeria President, Bola Tinubu, before his administration took over and eliminated the fuel subsidy, Nigerians were leading a good life that was phoney and could have caused the nation to completely collapse economically.
On May 29, 2023, the day of his inauguration, Tinubu declared that the fuel subsidy would be eliminated. The President clarified that the strategic choices to eliminate the contentious fuel subsidy and harmonise the exchange rates were necessary in order to save the nation future and bring it back from the verge of collapse.
He gave a speech over the weekend at the Federal University of Technology Akure (FUTA) 34th and 35th combined convocation ceremonies in Ondo State.
Professor Wahab Egbewole, the vice chancellor of the University of Ilorin, spoke on behalf of the president, who stated that his administration was aware of the repercussions of the difficult decision to eliminate the subsidy.
“As you are all aware, we assumed power during a period when our economy was in a terrible state due to significant debt from fuel and dollar subsidies.
The goal of the subsidies was to help the underprivileged and improve everyone’s quality of life in Nigeria. As everyone knows, the poor and average Nigerians were the ones who suffered from what was meant to provide them with assistance and a higher quality of life.
Unfortunately, unless immediate action was taken, the good life we believed we were leading was a lie that could cause the nation to completely collapse. “The strategic decisions to remove the fuel subsidy and also unify the exchange rates were necessary to save our children’s future and pull the nation back from the verge of collapse,” he stated.
Tinubu added that the country economy was growing every day and that the policy of eliminating fuel subsidies was already having an impact.
The president claims that although Nigeria macroeconomic situation is better than anticipated, the country microeconomic structure is steadily stabilising as it transitions from a consumption-driven to a production-driven economy.
In order “to recover our lost glory and virtues,” the president urged the graduates to work together with his administration. Additionally, he denounced the widespread youth exodus from the country in search of “proverbial greener pastures,” noting that this action has resulted in brain drain across the board for the country economy.
Many of our young people have opted for the ostensibly simple route of moving to the supposedly better places where their people have stepped up to save their countries during difficult times. “At a time when their services are most needed at home, our intellectuals and experts—in whom the country has lavished enormous resources to train—are migrating abroad in great numbers.
“The syndrome is not the answer to our problems, and it is heartbreaking.
” We are not Nigerians by accident, and I think that the Almighty God who created us has endowed us with the necessary discernment to improve our lot in life.
“I can reassure all Nigerians that there is hope despite the current challenges, which demand a strong sense of patriotism. Rain is followed by sunshine. Better times are on the horizon.
He declared, “The Renewed Hope Agenda is on course, and we will not stray from the course of a better and greater Nigeria.
” According to Prof. Adenike Oladiji, FUTA’s vice chancellor, 6,405 students from nine different schools of study graduated from the combined 2022–2023 and 2023–2024 academic sessions.
519 graduates received First Class, 3,408 received Second Class Upper, 2139 received Second Lower Class, and 339 received Third Class, according to Oladiji. According to her, the university’s mission was to conduct sufficient research and instruction for the advancement of society.
She also mentioned the institution’s overwhelming success and accomplishments, which cut across all human endeavours.