President Tinubu Addresses Economic Challenges and Fuel Subsidy Removal

Nigeria’s President Bola Tinubu has expressed that the perceived good living conditions for Nigerians were illusory and unsustainable, leading the nation towards economic disaster before his government decided to eliminate the fuel subsidy.

This announcement came on May 29, 2023, coinciding with his inauguration, where he emphasized the urgent need to enhance the nation’s future by making strategic economic changes, including the removal of the contentious fuel subsidy and the unification of exchange rates.

Addressing the audience during the 34th and 35th combined convocation of the Federal University of Technology Akure (FUTA), Tinubu, through Vice Chancellor Professor Wahab Egbewole, acknowledged the hardships following the subsidy removal.

“We assumed leadership at a challenging time when our economy was severely underperforming due to overwhelming debts from fuel and dollar subsidies.

“The subsidies, intended to aid lower-income families, ended up failing to improve living conditions, leaving the most vulnerable at the mercy of circumstances.

“Regrettably, the so-called good life we believed we had was a deceptive one, putting the country on the verge of total collapse unless decisive actions were taken.

“To secure our children’s future and prevent a national decline, we were compelled to remove the fuel subsidy and unify exchange rates,” he stated.

The President noted that the policy shift has begun to produce positive outcomes, with the nation’s economy showing signs of recovery each day.

According to him, Nigeria’s macroeconomic health is improving significantly, while the microeconomic landscape is stabilizing, helping to transition the country from a consumption-based economy to a production-oriented environment.

Tinubu encouraged the graduates to collaborate with his administration in restoring Nigeria’s former glory and integrity.

He also expressed alarm over the mass migration of youth seeking opportunities abroad, highlighting its detrimental impact on the nation’s economic sectors due to brain drain.

“Many young Nigerians are opting for the seemingly easier route of leaving for supposedly better opportunities elsewhere, even as they should be helping to revitalize our country during its challenges.

“Our trained professionals, who we have invested significantly in, are leaving at a time when their expertise is critically needed at home.

“This trend is disheartening, and seeking solutions outside isn’t the answer. We are Nigerians by design, and I believe that with God’s guidance, we possess the wisdom necessary to improve our situation.

“The present challenges demand heightened patriotism, and I assure you that there is hope for a brighter future. The dark times will pass, and the Renewed Hope Agenda is progressing as planned,” he concluded.

During the convocation, FUTA Vice Chancellor Prof. Adenike Oladiji announced that 6,405 students graduated across nine disciplines from the 2022/2023 and 2023/2024 academic years.

Out of these, 519 graduates achieved First Class honors, 3,408 secured Second Class Upper, while 2,139 received Second Class Lower, and 339 were placed in the Third Class category.

She reiterated the university’s commitment to quality education and research aimed at societal advancement, highlighting the institution’s significant accomplishments across various fields.