President Bola Tinubu has stated that the fuel subsidy was eliminated because the good life that Nigerians had prior to his administration was a myth and might have caused the nation’s economy to collapse.
Tinubu made this remark during the combined 34th and 35th convocation ceremonies at the Federal University of Technology Akure (FUTA) in Ondo State, emphasising that his dual policies of removing the fuel subsidy and unifying the exchange rate were aimed at preventing the collapse of Nigeria’s economy.
Recall that Tinubu announced the removal of the petrol subsidy on May 29, 2023, during his inauguration.
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The President, represented by the Vice Chancellor of the University of Ilorin, Professor Wahab Egbewole, stated that his administration was fully aware of the consequences of the difficult decision to remove the fuel subsidy.
“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.
“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.
“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.
“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,” he said.
Tinubu assured Nigerians that the measures taken by his administration were beginning to bear fruit, with signs of economic improvement.
