President Bola Tinubu has justified his administration’s controversial economic policies, including the removal of the fuel subsidy, stating that the “good life” Nigerians previously enjoyed was unsustainable and could have led to the nation’s economic collapse.
Speaking at the combined 34th and 35th convocation ceremonies of the Federal University of Technology Akure in Ondo State, Tinubu highlighted that the removal of the fuel subsidy and the unification of exchange rates were critical steps to stabilise Nigeria’s economy.
Tinubu, who was represented by the Vice Chancellor of the University of Ilorin, Professor Wahab Egbewole, explained the rationale behind these tough decisions. “As you are all aware, we took the baton of authority at a time when our economy was nosediving as a result of heavy debts from fuel and dollar subsidies,” he said.
He noted that while the subsidies were intended to alleviate poverty and improve living standards, their benefits failed to reach the poor and middle-class Nigerians who needed them most.
“The subsidies were meant to support the poor and make life better for all Nigerians. We are all aware of the fact that the poor and average Nigerians were the sufferers of what was supposed to give them succour and improved standards of living,” he stated.
Tinubu described the previous economic situation as a “fake” good life, warning that it had the potential to push Nigeria toward total economic collapse.
“Unfortunately, the good life we thought we were living was a fake one that was capable of leading the country to a total collapse unless drastic efforts were urgently taken,” he said.
The President stressed that the strategic removal of the fuel subsidy and the unification of exchange rates were necessary to prevent such a collapse and secure the nation’s future.
“The need to salvage the future of our children and bring the country back from the brink of collapse necessitated the strategic decisions to remove the fuel subsidy and also unify the exchange rates,” Tinubu explained.
He also reassured Nigerians that these policies were already yielding positive results, with visible signs of economic improvement.
Tinubu’s remarks come amid widespread criticism of the subsidy removal, which has led to a sharp increase in fuel prices and inflation, placing additional burdens on Nigerians. However, his administration has consistently argued that the measures were essential to reviving the economy and creating a more sustainable path forward.
