President Bola Tiunbu has stated that his administration’s removal of fuel subsidy was not intended to torture Nigerians but rather to preserve the country from catastrophic collapse.
The president, who announced the subsidy elimination on the day of his inauguration, May 29, 2023, stated that the strategy had produced great outcomes for the country.
Tinubu declared this during the 34th and 35th joint convocation ceremonies of the Federal University of Technology Akure, Ondo State, on Saturday.
Represented by the Vice Chancellor of the University of Ilorin, Prof. Wahab Egbewole, the president stated that his administration was aware of the people’s suffering but assured them that there would be light at the end of the tunnel.
Tinubu 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. 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. I am not unaware of the consequences of the tough decisions on our people.”
Emphasising that the policy has been fruitful, Tinubu stated, “The macro-economy of our dear country is improving by the day and beyond expectations. The micro-economy, which directly affects our citizens, is also taking shape gradually with positive results. We are now graduating from consumption to production economy in every facet of our human endeavours. By the grace of the Almighty God, every household will experience a better life and have brighter hope for the future.
“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. 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 maintained.
The president urged the graduating students to join hands together to recover “our lost glory and virtues.”
He bemoaned the exodus of youths to overseas countries in search of greener pastures, saying such action was not the solution to the country’s problem.
“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. Such inclination has led to the brain drain syndrome that we now experience in all areas of our endeavours as a nation.
“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 their services are most required at home. It is heartbreaking, 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, “President Tinubu said.
