President Bola Tinubu has stated that the removal of the fuel subsidy by his administration was a necessary decision to save Nigeria from economic collapse, rather than an action meant to burden Nigerians.
Speaking on Saturday at the 34th and 35th convocation ceremonies of the Federal University of Technology Akure, Ondo State, Tinubu, represented by the Vice Chancellor of the University of Ilorin, Prof. Wahab Egbewole, acknowledged the hardships the policy has caused but expressed optimism about the future.
“On assuming office, we inherited an economy weighed down by heavy debts from fuel and dollar subsidies,” Tinubu said. “These subsidies, originally intended to alleviate poverty and improve living standards, ended up failing the very people they were meant to support.
The life we thought we were living was unsustainable and would have led to the country’s total collapse without urgent, strategic action.”
The president explained that removing the subsidy and unifying the exchange rate were tough but necessary measures. “The need to secure the future of our children and pull the nation back from the brink of collapse compelled us to make these decisions.
I am fully aware of the challenges these reforms have brought to our people, but I assure you, there is light at the end of the tunnel,” he said.
Tinubu pointed to improvements in the country’s economic indicators, noting that Nigeria was transitioning from a consumption-driven to a production-based economy.
“The macro-economy is improving beyond expectations, and the micro-economy, which directly affects our citizens, is also taking shape with positive outcomes.
By the grace of God, every household will soon experience a better life and brighter hope for the future,” he added.
The president called on Nigerians to remain patriotic during this period of transition. “After rain comes sunshine. The brighter days are almost here. The Renewed Hope Agenda is on track, and we will not deviate from the path toward a better and greater Nigeria,” Tinubu assured.
Addressing Brain Drain and Youth Migration
Tinubu also expressed concern over the increasing number of Nigerian youths emigrating in search of greener pastures, describing it as detrimental to the nation’s progress.
“Many of our youths are taking what they perceive as an easier option, emigrating to countries where citizens have worked hard to rebuild their own nations during tough times. This has led to a troubling brain drain, depriving our nation of the expertise and intellect it has invested in developing,” he lamented.
He urged the graduating students to stay and contribute to Nigeria’s recovery. “We are not Nigerians by accident. I believe the Almighty God, who made us Nigerians, has given us the wisdom to turn our challenges into opportunities for betterment. Let us join hands to restore our lost glory and virtues,” Tinubu said.
The president emphasized that building a prosperous Nigeria requires collective effort and resilience. “Patriotism and dedication are key to overcoming our current difficulties. Together, we can achieve the Nigeria of our dreams,” he concluded.
