Nigerian President Bola Tinubu shed light on the economic realities that prompted his administration to remove the fuel subsidy.
Speaking during the university's combined convocation ceremonies, Tinubu described the pre-subsidy removal era as a time when Nigerians were living a "fake good life," a facade that masked the country's looming economic collapse.
"The subsidies were meant to support the poor and make life better for all Nigerians," Tinubu stated. However, he emphasized that the intended benefits were not reaching the average citizens, who continued to suffer despite the supposed relief measures.
Instead, the subsidies contributed to an unsustainable economic model that threatened to lead the nation into financial ruin.
Tinubu, represented by Professor Wahab Egbewole, Vice Chancellor of the University of Ilorin, explained that the decision to eliminate the fuel subsidy was part of a broader strategy to stabilize Nigeria's economy.
This move, coupled with efforts to unify exchange rates, was aimed at transforming the country from a consumption-driven to a production-focused economy.
"The need to salvage the future of our children and bring the country back from the brink of collapse necessitated these strategic decisions," he remarked.
The President acknowledged the challenges posed by these reforms but assured Nigerians of their long-term benefits. He noted improvements in the macro-economic landscape and urged graduates to contribute to national development, cautioning against the brain drain caused by young Nigerians seeking opportunities abroad.
"Our intellectuals and experts, on whom the nation has massively invested, are migrating overseas at a time when their services are most required at home," he lamented.
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