Nigerians’ Good Life Before Petrol Subsidy Removal Was an Illusion – Tinubu

President Tinubu asserts that the perceived prosperity Nigerians enjoyed before the removal of the petrol subsidy was unsustainable and based on an illusion, urging citizens to embrace current reforms for lasting growth.

President Bola Tinubu stated that before the removal of the petrol subsidy in 2023, Nigerians led lives that were not genuine.

Tinubu made this statement during the joint 34th and 35th convocation ceremonies of the Federal University of Technology Akure (FUTA) in Ondo state on Saturday.

The president stated that eliminating the petrol subsidy and unifying exchange rates was essential to prevent Nigeria from collapsing.

Represented by the Vice Chancellor of the University of Ilorin, Prof. Wahab Egbewole, Tinubu revealed that his administration implemented decisive measures to prevent an economic catastrophe and ensure a secure future for Nigerians.

He stated, “As you’re all aware, we assumed leadership at a time when our economy was in decline due to significant debts from fuel and dollar subsidies.”

The subsidies were intended to aid the poor and enhance life for all Nigerians. However, it is widely recognized that instead of providing relief and an improved standard of living, they ended up causing hardship for both impoverished and average Nigerians.

Regrettably, the seemingly good life we believed ourselves to be living was an illusion that could potentially lead the country to complete collapse unless immediate and substantial actions were taken.

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The president highlighted the underlying reasons why his administration needs to swiftly eliminate the fuel subsidy.

The urgent need to secure our children’s future and prevent the country from collapsing made it necessary to strategically remove the fuel subsidy and unify exchange rates. I fully understand the impact these difficult decisions have on our citizens, and I genuinely wish there were less harsh alternatives.

The president also voiced concern about the large number of young people migrating in pursuit of “greener pastures.”

“Many of our young people have opted for what seems to be the easier path by moving abroad to supposedly greener pastures, where locals have worked hard to revive their nations during difficult times.”

He observed that this has resulted in the brain drain syndrome currently affecting all aspects of our nation’s efforts.

Tinubu, however, stated that his administration’s renewed hope agenda is progressing well and assured Nigerians of his commitment to steadfastly pursuing the goal of a better and greater Nigeria.

Earlier, the Vice Chancellor of the University, Prof. Adenike Oladiji, proudly highlighted the high quality of education and research at the institution. She also emphasized that the University is fully dedicated to advancing Nigeria’s technological development.

Professor Oladiji encouraged the graduates to use their knowledge to further both personal growth and societal progress.