President Bola Tinubu says Nigerians lived fake lives before the petrol subsidy removal in 2023.
Tinubu stated this while speaking at the 34th and 35th combined convocation ceremonies of the Federal University of Technology Akure (FUTA) in Ondo state on Saturday.
According to the president, the removal of the petrol subsidy and the unification of exchange rates was necessary to save Nigeria from the brink of collapse.
Represented by the Vice Chancellor of the University of Ilorin, Prof Wahab Egbewole, Tinubu disclosed that his administration took decisive action to avert economic disaster and secure the future of Nigerians.
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 emphasised the real reasons his administration has to quickly remove 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 noted that this led to the brain drain syndrome that we now experience in all areas of our endeavours as a nation.
Tinubu however said the renewed hope agenda of his administration is on track, assuring Nigerians of his resolve to remain steadfast in its pursuit of a better and greater Nigeria.
Speaking earlier, the Vice Chancellor of the University, Prof. Adenike Oladiji boasted of the quality of education and research at the university. She equally noted that the University is fully committed to contributing to the technological advancement of Nigeria.
Prof Oladiji urged the graduands to ensure they utilize their knowledge to advance themselves as well as society