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President Bola Tinubu has noted that Nigerians were living a good but fake life that could have totally crippled the country's economy before his administration decided to call it a day on the petrol subsidy arrangement.
He explained that the controversial fuel subsidy and unification of the foreign exchange rates were strategic decisions taken to salvage the future of the country and rescue it from the brink of collapse.
He made these known while speaking at the 34th and 35th combined convocation ceremonies of the Federal University of Technology Akure (FUTA) in Ondo State over the weekend.
Recall that while reading his inauguration speech on May 29, 2024, the President announced the end of the subsidy regime, bringing an end to a controversial policy that had gulped billions of dollars over the years.
Tinubu, who was represented by the Vice Chancellor of the University of Ilorin, Professor Wahab Egbewole, stressed that his administration was not oblivious to the brutal consequences of the two policies.
“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 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,” he said.
Petrol subsidy removal bearing fruit
Tinubu further disclosed that the removal of subsidy on petrol had already started returning positive results, noting that the nation's economy is on a growth trend.
He stressed that, while Nigeria’s macro-economy is improving beyond expectations, the micro-economic framework is gradually stabilising by shaping the country from a consumption-driven to a production economy.
The President urged the graduands to join hands together with his administration “to recover our lost glory and virtues.”
He also condemned the growing trend of skilled youths emigrating in droves in search of a proverbial greener pasture, observing that the trend has led to brain drain in all sectors of the nation’s economy.
“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.
“Our intellectuals and experts on whom the nation has massively invested huge resources to train in the interest of our country are migrating overseas in large numbers at a time when their services are most required at home.
“It is heart-rending and the syndrome is not the solution to our problems. We are not Nigerians by accident, and I believe that the Almighty God who made us Nigerians has given us the required wisdom to turn things around for our betterment.
“The present challenges call for a high degree of patriotism and I can assure all Nigerians that there is light at the end of the tunnel. After rain comes sunshine. The brighter days are almost here. The Renewed Hope Agenda is on track and we shall not deviate on the path of better and greater Nigeria,” Tinubu added.