President Bola Tinubu has said that Nigerians lived counterfeit lives before the petrol subsidy removal in 2023.
Tinubu expressed this while speaking at the 34th and 35th combined convocation ceremonies of the Federal University of Technology Akure (FUTA) in Ondo state on Saturday.
As stated by the president, the removal of the petrol subsidy and the unification of exchange rates was important to save Nigeria from the verge of breakdown.
Represented by the Vice Chancellor of the University of Ilorin, Prof Wahab Egbewole, Tinubu revealed that his administration made a definitive move to deflect economic disaster and secure the fate of Nigerians.
He 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 intended to help the poor and improve life for all Nigerians. We are all aware of the fact that the poor and average Nigerians were the victims of what was supposed to give them help and an improved standard of living.
“Sadly, the good life we assumed we were living was a phony one that was capable of leading the country to a total collapse except drastic efforts were urgently taken.”
The president underscored the genuine reasons his administration needs to quickly remove the fuel subsidy.
“The need to rescue the future of our children, and bring the country back from the edge of breakdown, 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 truly wish there could be softer options.”
President Tinubu additionally communicated dismay over the boundless migration of youths in search of “greener pastures.
“Many of our youths have chosen the supposed easy option of immigrating 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. ”
He noted that this prompted the brain drain syndrome that we now experience in all aspect of our undertakings as a nation.
The President anyway said the renewed hope agenda of his administration is on track, guaranteeing Nigerians of his resolve to remain steadfast in its quest for a better and greater Nigeria.
Prior, the Vice Chancellor of the University, Prof. Adenike Oladiji bragged of the quality of education and research at the university. She similarly noted that the University is completely dedicated to contributing to the technological advancement of Nigeria.
Prof Oladiji encouraged the newly graduating students to ensure they utilize their knowledge to propel themselves as well as society
