PRESIDENT Bola Tinubu has stated that fuel subsidy removal by his administration was aimed at saving the country from collapse and not causing hardship for Nigerians.
He said this at the 34th and 35th combined convocation of the Federal University of Technology Akure, Ondo State, on Saturday, November 30.
The President said the policy he announced during his inauguration on May 29, 2023, had been delivering positive outcomes for the nation.
Represented by the vice chancellor of the University of Ilorin, Wahab Egbewole, a professor, Tinubu acknowledged the hardships faced by Nigerians.
However, he assured that his administration remained confident of greater gains from ending the fuel subsidy for the nation.
“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 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,” he said.
Tinubu explained that the decision to remove the fuel subsidy and unify exchange rates was driven by the need to secure the future of Nigeria’s children and prevent the country from collapsing while acknowledging the challenges these tough decisions posed for the citizens.
He emphasised the effectiveness of the policy, noting that the country’s macro-economy was steadily improving and surpassing expectations. He added that the micro-economy, which directly impacts citizens, was gradually showing positive progress.
He highlighted a shift from a consumption-based to a production-driven economy across various sectors.
The President expressed confidence that every household would enjoy a better quality of life and a more hopeful future.
“It is in the light of the foregoing that I am glad to inform you that the results of the policies are already yielding the expected results.”
He urged the graduating students to work collectively towards restoring the nation’s lost glory and values while criticising the migration of youths to other countries in search of better opportunities, stating that such actions were not the solution to Nigeria’s challenges.
Fatimah Quadri is a Journalist and a Fact-checker at The ICIR. She has written news articles, fact-checks, explainers, and media literacy in an effort to combat information disorder.
She can be reached at sunmibola_q on X or fquadri@icirnigeria.org