President Bola Ahmed Tinubu has reaffirmed that the removal of the fuel subsidy by his administration was a critical decision aimed at saving Nigeria from economic collapse, not to cause hardship for its citizens.
Speaking during the 34th and 35th combined convocation ceremonies of the Federal University of Technology, Akure, Ondo State, the President highlighted the urgent need for such measures to stabilize the nation’s economy.
Represented by the Vice-Chancellor of the University of Ilorin, Prof. Wahab Egbewole, Tinubu acknowledged the challenges faced by Nigerians as a result of the policy but assured the public that the long-term benefits would outweigh the immediate difficulties.
The President explained that the decision to remove the fuel subsidy, which was announced on his inauguration day, May 29, 2023, was driven by the need to halt the economy’s rapid decline.
Tinubu noted that the subsidy, initially intended to alleviate poverty and improve living standards, had instead become a drain on the nation’s resources, disproportionately benefiting the wealthy at the expense of the average Nigerian.
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“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,” Tinubu stated. “The subsidies were meant to support the poor and make life better for all Nigerians. Unfortunately, the poor and average Nigerians were the sufferers of what was supposed to give them succour.”
He further emphasized that the subsidy system created a false sense of economic stability that threatened to lead the country to total collapse. “The good life we thought we were living was a fake one,” he said. “Drastic efforts were urgently needed to salvage the future of our children and bring the country back from the brink of collapse.”
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President Tinubu highlighted the progress being made as a result of the subsidy removal and related policies, including the unification of exchange rates. He noted improvements in both the macro- and micro-economic conditions, signaling a transition from a consumption-driven economy to one focused on production.
“The macro-economy of our dear country is improving by the day and beyond expectations,” he said. “The micro-economy, which directly affects our citizens, is also taking shape gradually with positive results. By the grace of the Almighty God, every household will experience a better life and have brighter hope for the future.”
Tinubu reassured Nigerians that brighter days were ahead, likening the current challenges to the storm that precedes sunshine. He expressed confidence in his Renewed Hope Agenda, promising not to deviate from the path toward a better and greater Nigeria.
Addressing the graduating students, the President urged them to actively participate in rebuilding the nation. He encouraged them to prioritize patriotism and resilience, emphasizing the importance of collective effort in restoring Nigeria’s lost glory.
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“Our youths must roll up their sleeves and work towards bringing our nation back from the brink, just as other nations have done in their times of trouble,” Tinubu said.
He expressed concern over the increasing trend of brain drain, as many young Nigerians seek opportunities abroad. Describing the migration of intellectuals and experts as a significant challenge, the President argued that this exodus was not the solution to Nigeria’s problems.
“Our intellectuals and experts, on whom the nation has invested huge resources to train, are migrating overseas in large numbers at a time their services are most required at home,” he lamented. “This is heart-rending, and such a syndrome is not the solution to our problems.”
Tinubu reminded Nigerians that their identity as citizens is not an accident but a divine mandate, urging them to harness their collective wisdom and resources to turn the nation’s fortunes around.
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“We are not Nigerians by accident,” he declared. “The Almighty God who made us Nigerians has given us the required wisdom to turn things around for our betterment.”
Despite the economic hardships and social challenges currently faced by many, President Tinubu’s address was imbued with optimism. He assured Nigerians that the tough decisions made by his administration were already yielding tangible results and that the foundation for a more prosperous future was being laid.
As the Renewed Hope Agenda continues to unfold, the President’s call for unity and patriotism resonates as a reminder of the collective effort required to overcome adversity and achieve a brighter future for Nigeria. With policies aimed at fostering economic growth and national resilience, the path to recovery appears within reach.