Kehinde Fajobi
President Bola Tinubu has stated that Nigerians were living fake lives prior to the removal of the petrol subsidy in 2023, warning that the situation could have led to the country’s collapse.
Tinubu made the comments on Saturday at the combined 34th and 35th convocation ceremonies of the Federal University of Technology Akure (FUTA) in Ondo State.
Represented by the Vice Chancellor of the University of Ilorin, Prof. Wahab Egbewole, he explained that the decision to remove the subsidy and unify exchange rates was essential to prevent an economic disaster.
The president 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.”
He continued, “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.”
Tinubu stressed that the apparent prosperity Nigerians experienced was a “fake life” and that urgent action was needed to avert a total collapse.
“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 said.
The president explained that the need to secure Nigeria’s future and prevent national collapse necessitated the subsidy removal and exchange rate unification.
“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.”
He also expressed concern over the increasing migration of Nigerian youths, describing it as a “brain drain” affecting the country.
“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 lamented.
Despite these challenges, Tinubu reassured Nigerians that his administration’s “renewed hope agenda” was on track, vowing to continue working towards a better Nigeria.