President Bola Ahmed Tinubu has stated that prior to his administration removing the fuel subsidy, Nigerians were living a “fake good life” that was capable of leading the country to a total collapse unless drastic efforts were urgently taken.
Tinubu was represented by the Vice Chancellor of the University of Ilorin, Professor Wahab Egbewole, who made the assertion at the 34th and 35th convocation ceremony at the Federal University of Technology Akure (FUTA) in Ondo State.
NPO recalls that on May 29, 2023, Tinubu had announced the removal of the petrol subsidy during his inauguration.
He stated that his dual policies of removing the fuel subsidy and unifying the exchange rate were aimed at preventing the collapse of Nigeria’s economy.
“As you are all aware, we took the baton of authority at a time when our economy was nosediving 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 standards 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.
READ ALSO:
Fuel Subsidy Regime Has Ended – FG
Fuel Subsidy is Gone; Nigeria’s New President Announces
Tinubu Reminds Nigerians Evil That Fuel Subsidy Did to Economy
The president emphasized 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 expressed his displeasure 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. ”
According to him, this has led to the brain drain syndrome experienced in all areas of our endeavors as a nation.