President Bola Tinubu has described the perceived prosperity enjoyed by Nigerians prior to his administration as an unsustainable illusion, which necessitated the removal of the fuel subsidy to avert economic disaster.
Speaking during the 34th and 35th combined convocation ceremonies at the Federal University of Technology Akure (FUTA) in Ondo State, Tinubu, represented by the Vice-Chancellor of the University of Ilorin, Professor Wahab Egbewole, emphasized that the decision to remove the fuel subsidy and unify the exchange rates was vital to prevent the nation’s economic collapse.
The President, who first announced the removal of the petrol subsidy on May 29, 2023, during his inauguration, acknowledged the challenging impact of the policy but underscored its necessity.
“When we assumed office, our economy was on a downward spiral, burdened by heavy debts due to fuel and dollar subsidies. These subsidies were originally designed to support the poor and improve living standards for all Nigerians.
“However, the reality was that the poor and average Nigerians bore the brunt of a system that was failing them. The good life we believed we were experiencing was, in truth, a mirage—one that could have driven the nation to the brink of collapse without urgent corrective action.
“To secure the future for our children and rescue the country from potential ruin, it became imperative to implement strategic reforms, including the removal of the fuel subsidy and the unification of exchange rates,” Tinubu said.
He further assured Nigerians that his administration’s policies are beginning to yield positive results, with early signs of economic recovery already emerging.
