President Bola Ahmed Tinubu has described the era before the removal of the petrol subsidy in 2023 as one of “fake lives,” emphasizing that decisive economic reforms were necessary to rescue Nigeria from financial collapse.
Tinubu made these remarks at the combined 34th and 35th convocation ceremonies of the Federal University of Technology Akure (FUTA) in Ondo State on Saturday. The president, represented by the Vice Chancellor of the University of Ilorin, Prof. Wahab Egbewole, outlined his administration’s rationale for removing the petrol subsidy and unifying exchange rates.
“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,” Tinubu said. “The subsidies were meant to support the poor and improve living standards, but the reality was that they primarily benefited the wealthy while the poor and average Nigerians suffered.”
The president criticized the previous subsidy system, describing it as unsustainable and detrimental to the nation’s long-term stability. He added that the removal of the subsidy was a tough but necessary choice to avert economic disaster.
“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,” Tinubu said.
Addressing Consequences and Brain Drain
Tinubu acknowledged the hardships resulting from his administration’s economic decisions, including rising living costs. He expressed regret over the effects on ordinary Nigerians, stating, “I am not unaware of the consequences of the tough decisions on our people. I sincerely wish there could be softer options.”
He also lamented the brain drain caused by the mass migration of Nigerian youths seeking better opportunities abroad. “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 brink in their times of trouble,” he said.
Tinubu reiterated his administration’s commitment to addressing the challenges, promising that the “Renewed Hope Agenda” is on track to create a better future for all Nigerians.
FUTA’s Role in National Development
Earlier, FUTA Vice Chancellor Prof. Adenike Oladiji highlighted the university’s contributions to Nigeria’s technological advancement, urging graduates to apply their knowledge to drive progress. “FUTA remains committed to excellence in education and research, ensuring our graduates are equipped to make meaningful contributions to society,” she said.
As the convocation concluded, Tinubu’s statements sparked debate among attendees, with many reflecting on the impact of his administration’s economic policies on daily life. For many Nigerians, the question remains whether these tough reforms will deliver the promised brighter future.
